Citigroup Raises Avery Dennison (NYSE:AVY) Price Target to $132.00

Avery Dennison (NYSE:AVY) had its target price upped by Citigroup from $130.00 to $132.00 in a research report released on Thursday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other analysts have also weighed in on the stock. KeyCorp reiterated a hold rating on shares of Silgan in a research note on Wednesday, April 24th. JPMorgan Chase & Co. set a €8.75 ($10.17) price objective on shares of Commerzbank and gave the stock a buy rating in a research note on Thursday, April 18th. Loop Capital lowered shares of Avery Dennison from a buy rating to a hold rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Wix.Com from a hold rating to a sell rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $119.38.

NYSE:AVY opened at $113.48 on Thursday. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 18.57, a P/E/G ratio of 2.10 and a beta of 1.35. Avery Dennison has a 1-year low of $82.89 and a 1-year high of $120.65. The business has a fifty day simple moving average of $111.20. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.14 and a quick ratio of 0.80.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.02. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.77 billion. Avery Dennison had a net margin of 2.74% and a return on equity of 53.28%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.44 earnings per share. Equities research analysts forecast that Avery Dennison will post 6.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were issued a dividend of $0.58 per share. The ex-dividend date was Tuesday, June 4th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.52. This represents a $2.32 dividend on an annualized basis and a yield of 2.04%. Avery Dennison’s dividend payout ratio is 38.28%.

In related news, Director Ken C. Hicks sold 9,691 shares of the stock in a transaction on Friday, April 26th. The shares were sold at an average price of $110.10, for a total transaction of $1,066,979.10. Following the sale, the director now directly owns 28,396 shares of the company’s stock, valued at $3,126,399.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Lori J. Bondar sold 5,000 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $111.50, for a total transaction of $557,500.00. Following the sale, the vice president now directly owns 22,428 shares in the company, valued at $2,500,722. The disclosure for this sale can be found here. Insiders have sold 17,416 shares of company stock worth $1,933,140 over the last three months. 1.30% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fort L.P. lifted its holdings in Avery Dennison by 2.1% during the fourth quarter. Fort L.P. now owns 4,939 shares of the industrial products company’s stock valued at $444,000 after purchasing an additional 101 shares in the last quarter. ETF Managers Group LLC lifted its holdings in Avery Dennison by 8.9% during the first quarter. ETF Managers Group LLC now owns 1,360 shares of the industrial products company’s stock valued at $154,000 after purchasing an additional 111 shares in the last quarter. American International Group Inc. lifted its holdings in Avery Dennison by 0.3% during the fourth quarter. American International Group Inc. now owns 34,688 shares of the industrial products company’s stock valued at $3,116,000 after purchasing an additional 113 shares in the last quarter. Brinker Capital Inc. lifted its holdings in Avery Dennison by 2.3% during the fourth quarter. Brinker Capital Inc. now owns 5,329 shares of the industrial products company’s stock valued at $479,000 after purchasing an additional 118 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. lifted its holdings in Avery Dennison by 1.7% during the first quarter. Piedmont Investment Advisors Inc. now owns 7,659 shares of the industrial products company’s stock valued at $865,000 after purchasing an additional 126 shares in the last quarter. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

About Avery Dennison

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, as well as durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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