Zacks Investment Research downgraded shares of Avery Dennison (NYSE:AVY) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
According to Zacks, “Avery Dennison expects earnings per share to lie between $5.85 and $6.05 for fiscal 2018. The mid-point of the range reflects year-over-year growth of 19%. Focus on productivity, acquisitions, aggressive cost control and share repurchases will drive the company's results. Moreover, its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Avery Dennison initiated a restructuring plan associated with the consolidation of the European footprint of its Label and Graphic Materials segment to ensure continued high returns for the segment and improve its competitiveness. Its shares have outperformed the industry over a year's time.”
Other research analysts have also issued reports about the company. Bank of America upped their price target on Avery Dennison from $128.00 to $133.00 and gave the stock a buy rating in a report on Thursday, February 1st. UBS initiated coverage on Avery Dennison in a report on Thursday, January 18th. They set a buy rating and a $135.00 price target for the company. Citigroup cut their price target on Avery Dennison from $140.00 to $125.00 and set a buy rating for the company in a report on Thursday, April 5th. Loop Capital upped their price target on Avery Dennison to $111.00 and gave the stock a hold rating in a report on Wednesday, May 2nd. They noted that the move was a valuation call. Finally, KeyCorp reiterated a hold rating on shares of Avery Dennison in a report on Wednesday, April 25th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $123.00.
Shares of Avery Dennison opened at $107.89 on Monday, MarketBeat.com reports. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 19.91, a P/E/G ratio of 2.53 and a beta of 1.27. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.12 and a quick ratio of 0.79. Avery Dennison has a 12-month low of $106.85 and a 12-month high of $108.00.
Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.08. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Avery Dennison had a return on equity of 44.21% and a net margin of 4.32%. The company’s revenue was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.11 earnings per share. equities analysts predict that Avery Dennison will post 6.01 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, June 6th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.93%. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.45. The ex-dividend date is Tuesday, June 5th. Avery Dennison’s dividend payout ratio is presently 36.00%.
In related news, Director Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction on Friday, March 23rd. The stock was sold at an average price of $104.37, for a total value of $1,043,700.00. Following the completion of the transaction, the director now directly owns 106,953 shares in the company, valued at $11,162,684.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dean A. Scarborough sold 6,026 shares of the company’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $106.11, for a total value of $639,418.86. Following the completion of the transaction, the director now owns 50,927 shares of the company’s stock, valued at $5,403,863.97. The disclosure for this sale can be found here. Insiders sold 163,639 shares of company stock valued at $17,963,034 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tiverton Asset Management LLC raised its stake in shares of Avery Dennison by 50.7% in the first quarter. Tiverton Asset Management LLC now owns 1,478 shares of the industrial products company’s stock valued at $157,000 after purchasing an additional 497 shares in the last quarter. Focused Wealth Management Inc bought a new stake in Avery Dennison in the fourth quarter valued at $184,000. Univest Corp of Pennsylvania bought a new stake in Avery Dennison in the fourth quarter valued at $205,000. Meridian Investment Counsel Inc. bought a new stake in shares of Avery Dennison during the fourth quarter worth $206,000. Finally, Bank of Stockton bought a new stake in shares of Avery Dennison during the fourth quarter worth $206,000. Institutional investors and hedge funds own 84.04% of the company’s stock.
Avery Dennison Company Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands. It also offers durable cast and reflective films.
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