Avery Dennison Corporation (AVY) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Avery Dennison Corporation (NYSE:AVY) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $94.00 price target on the industrial products company’s stock.
According to Zacks, “For 2017, Avery hiked adjusted earnings per share guidance to a range of $4.50–$4.65, reflecting a stronger operating outlook and a lower tax rate. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Consistent focus on productivity, cost control and share repurchases will also drive results. In sync with its strategy to expand in the medical sector, Avery Dennison has acquired Longford, Ireland-based Finesse Medical, a maker of materials used for wound care and skin treatments. Its shares have also outperformed the Zacks categorized Office Supplies & Forms sub industry year to date. However, choppy growth in Radio Frequency Identification products and raw material inflation remain near term concerns.”
Other analysts have also issued research reports about the stock. KeyCorp reaffirmed a hold rating on shares of Avery Dennison Corporation in a report on Wednesday, April 26th. BidaskClub lowered shares of Avery Dennison Corporation from a buy rating to a hold rating in a report on Friday, June 9th. Aegis reaffirmed a hold rating on shares of Avery Dennison Corporation in a report on Thursday, June 1st. Finally, Barclays PLC reaffirmed an overweight rating and set a $96.00 price objective (up previously from $95.00) on shares of Avery Dennison Corporation in a report on Monday, May 1st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $83.60.
Avery Dennison Corporation (AVY) opened at 85.65 on Tuesday. Avery Dennison Corporation has a 12-month low of $68.55 and a 12-month high of $86.25. The company has a market capitalization of $7.58 billion, a price-to-earnings ratio of 22.49 and a beta of 1.11. The stock’s 50 day moving average price is $83.90 and its 200 day moving average price is $78.72.
Avery Dennison Corporation (NYSE:AVY) last announced its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.07. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Avery Dennison Corporation had a net margin of 5.56% and a return on equity of 38.48%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 earnings per share. On average, equities research analysts anticipate that Avery Dennison Corporation will post $4.60 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This news story was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this news story on another website, it was illegally copied and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be accessed at https://www.thecerbatgem.com/2017/06/19/avery-dennison-corporation-avy-upgraded-at-zacks-investment-research.html.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, June 5th. This is a positive change from Avery Dennison Corporation’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a dividend yield of 2.10%. Avery Dennison Corporation’s payout ratio is currently 47.37%.
In other news, Director Anthony Anderson sold 950 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $84.42, for a total transaction of $80,199.00. Following the transaction, the director now directly owns 7,492 shares in the company, valued at approximately $632,474.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Deon Stander sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $84.50, for a total transaction of $422,500.00. Following the transaction, the vice president now owns 10,998 shares in the company, valued at $929,331. The disclosure for this sale can be found here. Insiders have sold a total of 12,198 shares of company stock worth $1,034,716 over the last 90 days. 1.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Avery Dennison Corporation by 3,215.2% in the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock worth $556,829,000 after buying an additional 6,700,152 shares during the period. State Street Corp raised its position in shares of Avery Dennison Corporation by 0.4% in the first quarter. State Street Corp now owns 4,547,664 shares of the industrial products company’s stock worth $366,525,000 after buying an additional 19,238 shares during the period. AQR Capital Management LLC raised its position in shares of Avery Dennison Corporation by 18.3% in the fourth quarter. AQR Capital Management LLC now owns 2,552,362 shares of the industrial products company’s stock worth $179,227,000 after buying an additional 394,003 shares during the period. Bank of New York Mellon Corp raised its position in shares of Avery Dennison Corporation by 14.9% in the first quarter. Bank of New York Mellon Corp now owns 1,829,372 shares of the industrial products company’s stock worth $147,448,000 after buying an additional 237,829 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Avery Dennison Corporation by 28.1% in the first quarter. Victory Capital Management Inc. now owns 1,597,356 shares of the industrial products company’s stock worth $128,748,000 after buying an additional 350,792 shares during the period. Institutional investors and hedge funds own 89.32% of the company’s stock.
About Avery Dennison Corporation
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Avery Dennison Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avery Dennison Corporation and related stocks with our FREE daily email newsletter.