Avery Dennison (NYSE:AVY) Rating Lowered to Hold at Wall Street Zen

Avery Dennison (NYSE:AVY) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday, Wall Street Zen reports.

AVY has been the subject of several other research reports. Truist Financial cut their price target on Avery Dennison from $209.00 to $208.00 and set a “buy” rating for the company in a research note on Monday, October 12th. JPMorgan Chase & Co. increased their price target on Avery Dennison from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Bank of America reiterated a “buy” rating on shares of Avery Dennison in a research report on Friday, August 14th. Weiss Ratings raised Avery Dennison from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. Finally, UBS Group boosted their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, October 30th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.10.

Avery Dennison Stock Performance

AVY opened at $187.68 on Friday. The firm has a fifty day moving average price of $175.12 and a 200 day moving average price of $172.33. Avery Dennison has a 1 year low of $152.42 and a 1 year high of $199.54. The stock has a market cap of $14.17 billion, a P/E ratio of 18.83, a P/E/G ratio of 2.27 and a beta of 0.77. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.16 and a quick ratio of 0.80.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Thursday, October 29th. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.32 by $0.10. Avery Dennison had a net margin of 7.56% and a return on equity of 33.88%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the business earned $2.37 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. Equities research analysts anticipate that Avery Dennison will post 10.17 earnings per share for the current year.

Insider Transactions at Avery Dennison

In related news, Director Andres Alberto Lopez sold 4,000 shares of the firm’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $193.80, for a total value of $775,200.00. Following the transaction, the director directly owned 1,147 shares of the company’s stock, valued at approximately $222,288.60. This trade represents a 77.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Nicholas Colisto sold 3,886 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $170.68, for a total transaction of $663,262.48. Following the completion of the transaction, the senior vice president directly owned 7,126 shares in the company, valued at $1,216,265.68. This represents a 35.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Avery Dennison in the second quarter valued at approximately $1,052,464,000. Wellington Management Group LLP increased its position in shares of Avery Dennison by 9.1% during the second quarter. Wellington Management Group LLP now owns 5,788,479 shares of the industrial products company’s stock worth $939,760,000 after purchasing an additional 482,054 shares in the last quarter. Ninety One UK Ltd acquired a new position in Avery Dennison in the 3rd quarter valued at $341,344,000. Robeco Institutional Asset Management B.V. raised its stake in Avery Dennison by 2,376.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 984,976 shares of the industrial products company’s stock valued at $168,106,000 after purchasing an additional 945,195 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Avery Dennison by 1.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 956,886 shares of the industrial products company’s stock valued at $155,350,000 after purchasing an additional 17,769 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

About Avery Dennison

Avery Dennison is a global materials science and digital identification solutions company. Its products include pressure-sensitive labels and adhesives, packaging materials, and graphic films used in applications such as product labeling, vehicle graphics, and building signage.

The company also develops technologies that help businesses identify and track products, including RFID inlays and tags, which can support inventory management and supply-chain visibility. Its solutions serve customers across industries such as apparel, food and beverage, logistics, healthcare, and retail.

Founded in 1935 by R.