Avery Dennison Corporation (AVY) Stock Rating Upgraded by 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 report published on Tuesday. Zacks Investment Research currently has $120.00 price target on the industrial products company’s stock.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 fir fiscal 2017. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. Its estimates have gone up lately.”
Several other research firms have also recently issued reports on AVY. Robert W. Baird reissued a buy rating and issued a $100.00 target price on shares of Avery Dennison Corporation in a research note on Friday, September 1st. Loop Capital started coverage on Avery Dennison Corporation in a research note on Thursday, September 28th. They issued a hold rating and a $99.00 target price on the stock. Barclays PLC raised their target price on Avery Dennison Corporation from $105.00 to $120.00 and gave the stock an overweight rating in a research note on Monday, October 30th. J P Morgan Chase & Co cut Avery Dennison Corporation from an overweight rating to a neutral rating in a research note on Thursday, October 26th. Finally, Citigroup Inc. raised their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a buy rating in a research note on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $105.71.
Shares of Avery Dennison Corporation (NYSE:AVY) opened at $105.19 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 1.13 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $9,310.73, a PE ratio of 22.65, a P/E/G ratio of 3.06 and a beta of 1.22. Avery Dennison Corporation has a 12 month low of $68.93 and a 12 month high of $108.99.
Avery Dennison Corporation (NYSE:AVY) last posted its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Avery Dennison Corporation had a return on equity of 40.52% and a net margin of 6.27%. Avery Dennison Corporation’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $1.01 earnings per share. analysts predict that Avery Dennison Corporation will post 4.93 EPS for the current fiscal year.
TRADEMARK VIOLATION WARNING: “Avery Dennison Corporation (AVY) Stock Rating Upgraded by Zacks Investment Research” was first posted by Watch List News and is the sole property of of Watch List News. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/avery-dennison-corporation-avy-stock-rating-upgraded-by-zacks-investment-research/1695301.html.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $1.80 annualized dividend and a yield of 1.71%. Avery Dennison Corporation’s payout ratio is 40.18%.
In other news, Chairman Dean A. Scarborough sold 10,000 shares of Avery Dennison Corporation stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the completion of the transaction, the chairman now directly owns 94,042 shares in the company, valued at $9,831,150.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mitchell R. Butier sold 77,551 shares of Avery Dennison Corporation stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $106.31, for a total transaction of $8,244,446.81. Following the transaction, the insider now owns 130,673 shares of the company’s stock, valued at $13,891,846.63. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,047 shares of company stock worth $14,824,481. Insiders own 1.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in AVY. Principal Financial Group Inc. lifted its holdings in shares of Avery Dennison Corporation by 110.5% during the second quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock valued at $155,476,000 after purchasing an additional 923,548 shares during the last quarter. Congress Asset Management Co. MA purchased a new position in Avery Dennison Corporation in the 2nd quarter worth approximately $71,964,000. State of Tennessee Treasury Department raised its holdings in Avery Dennison Corporation by 265.7% in the 3rd quarter. State of Tennessee Treasury Department now owns 490,850 shares of the industrial products company’s stock worth $48,270,000 after acquiring an additional 356,628 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Avery Dennison Corporation by 21.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,937,495 shares of the industrial products company’s stock worth $171,216,000 after acquiring an additional 340,139 shares during the last quarter. Finally, Marshall Wace North America L.P. raised its holdings in Avery Dennison Corporation by 67.9% in the 2nd quarter. Marshall Wace North America L.P. now owns 648,482 shares of the industrial products company’s stock worth $57,067,000 after acquiring an additional 262,211 shares during the last quarter. Hedge funds and other institutional investors own 86.56% 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 & 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 companies with Analyst Ratings Network's FREE daily email newsletter.