Zacks Investment Research upgraded shares of Avery Dennison (NYSE:AVY) from a hold rating to a buy rating in a report published on Monday, January 22nd. The firm currently has $136.00 target price on the industrial products company’s stock.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 for fiscal 2017. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. The company has a positive record of earnings surprises in the last few quarters. “
Other research analysts have also issued reports about the stock. Robert W. Baird reiterated a buy rating and set a $115.00 price objective on shares of Avery Dennison in a report on Friday, October 27th. Loop Capital started coverage on shares of Avery Dennison in a report on Thursday, September 28th. They set a hold rating and a $99.00 price objective on the stock. Barclays increased their price objective on shares of Avery Dennison from $105.00 to $120.00 and gave the stock an overweight rating in a report on Monday, October 30th. JPMorgan Chase & Co. lowered shares of Avery Dennison from an overweight rating to a neutral rating in a report on Thursday, October 26th. Finally, UBS Group started coverage on shares of Avery Dennison in a report on Thursday, January 18th. They issued a buy rating and a $135.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $122.75.
Avery Dennison (NYSE AVY) opened at $118.12 on Monday. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.13 and a quick ratio of 0.83. Avery Dennison has a 12 month low of $78.47 and a 12 month high of $123.67. The stock has a market cap of $10,400.00, a price-to-earnings ratio of 37.74, a price-to-earnings-growth ratio of 2.81 and a beta of 1.20.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.08. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Avery Dennison had a net margin of 4.26% and a return on equity of 42.26%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.99 EPS. equities research analysts anticipate that Avery Dennison will post 5.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, March 7th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Tuesday, March 6th. Avery Dennison’s payout ratio is currently 57.51%.
In other Avery Dennison news, Director Peter K. Barker sold 2,000 shares of the firm’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $114.76, for a total value of $229,520.00. Following the sale, the director now directly owns 26,703 shares in the company, valued at $3,064,436.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lori J. Bondar sold 10,855 shares of Avery Dennison stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the sale, the chief accounting officer now owns 18,556 shares in the company, valued at $2,057,489.28. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. APG Asset Management N.V. grew its holdings in Avery Dennison by 125.4% during the fourth quarter. APG Asset Management N.V. now owns 1,145,053 shares of the industrial products company’s stock worth $109,528,000 after acquiring an additional 637,000 shares during the period. KAMES CAPITAL plc acquired a new position in Avery Dennison during the fourth quarter worth about $71,586,000. State of Tennessee Treasury Department increased its stake in Avery Dennison by 265.7% in the 3rd quarter. State of Tennessee Treasury Department now owns 490,850 shares of the industrial products company’s stock worth $48,270,000 after purchasing an additional 356,628 shares in the last quarter. Atlantic Trust Group LLC increased its stake in Avery Dennison by 3,229.7% in the 3rd quarter. Atlantic Trust Group LLC now owns 357,606 shares of the industrial products company’s stock worth $35,167,000 after purchasing an additional 346,866 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Avery Dennison by 91.9% in the 4th quarter. Allianz Asset Management GmbH now owns 673,503 shares of the industrial products company’s stock worth $77,358,000 after purchasing an additional 322,518 shares in the last quarter. Institutional investors and hedge funds own 85.62% of the company’s stock.
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About Avery Dennison
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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