Avery Dennison Corp. (AVY) Receives New Coverage from Analysts at Aegis
Equities researchers at Aegis initiated coverage on shares of Avery Dennison Corp. (NYSE:AVY) in a research note issued to investors on Monday. The brokerage set a “hold” rating on the stock.
AVY has been the topic of several other reports. Zacks Investment Research raised Avery Dennison Corp. from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a report on Wednesday, September 21st. JPMorgan Chase & Co. raised Avery Dennison Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 target price on the stock in a report on Thursday, October 27th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Avery Dennison Corp. presently has an average rating of “Hold” and a consensus price target of $79.67.
Avery Dennison Corp. (NYSE:AVY) opened at 70.58 on Monday. Avery Dennison Corp. has a 52-week low of $57.06 and a 52-week high of $79.27. The firm’s 50-day moving average price is $73.48 and its 200-day moving average price is $75.26. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 20.46 and a beta of 1.07.
Avery Dennison Corp. (NYSE:AVY) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.01. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Avery Dennison Corp. had a return on equity of 35.98% and a net margin of 5.27%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm earned $0.87 earnings per share. On average, equities analysts anticipate that Avery Dennison Corp. will post $3.97 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 21st. Investors of record on Wednesday, December 7th will be given a $0.41 dividend. The ex-dividend date of this dividend is Monday, December 5th. This represents a $1.64 annualized dividend and a yield of 2.32%. Avery Dennison Corp.’s dividend payout ratio is currently 47.40%.
In related news, insider Dean A. Scarborough sold 50,000 shares of Avery Dennison Corp. stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $77.41, for a total value of $3,870,500.00. Following the completion of the transaction, the insider now owns 156,066 shares in the company, valued at $12,081,069.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Lori J. Bondar purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was bought at an average price of $69.72 per share, with a total value of $139,440.00. Following the transaction, the vice president now owns 3,874 shares of the company’s stock, valued at approximately $270,095.28. The disclosure for this purchase can be found here. 2.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in shares of Avery Dennison Corp. by 0.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 158,741 shares of the company’s stock valued at $12,348,000 after buying an additional 1,420 shares during the period. LPL Financial LLC acquired a new position in shares of Avery Dennison Corp. during the third quarter valued at about $718,000. Credit Suisse AG raised its position in shares of Avery Dennison Corp. by 19.6% in the third quarter. Credit Suisse AG now owns 176,672 shares of the company’s stock valued at $13,744,000 after buying an additional 28,943 shares during the period. Verition Fund Management LLC acquired a new position in shares of Avery Dennison Corp. during the third quarter valued at about $412,000. Finally, Candriam Luxembourg S.C.A. raised its position in shares of Avery Dennison Corp. by 251.4% in the third quarter. Candriam Luxembourg S.C.A. now owns 36,415 shares of the company’s stock valued at $2,833,000 after buying an additional 26,051 shares during the period. Institutional investors own 87.05% of the company’s stock.
Avery Dennison Corp. Company Profile
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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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