JPMorgan Chase & Co. Downgrades Avery Dennison (AVY) to Underweight
JPMorgan Chase & Co. lowered shares of Avery Dennison (NYSE:AVY) from a neutral rating to an underweight rating in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has $105.00 price objective on the industrial products company’s stock.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Avery Dennison from a buy rating to a hold rating in a research note on Monday, April 8th. Citigroup lowered their target price on shares of Avery Dennison from $122.00 to $110.00 and set a buy rating on the stock in a research note on Monday, January 7th. Loop Capital cut 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. UBS Group set a $125.00 target price on shares of Avery Dennison and gave the company a buy rating in a research note on Friday, January 18th. Finally, BMO Capital Markets upped their target price on shares of Avery Dennison to $114.00 and gave the company a market perform rating in a research note on Monday, February 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Avery Dennison presently has a consensus rating of Hold and a consensus price target of $118.44.
AVY opened at $113.37 on Thursday. The company has a current ratio of 1.15, a quick ratio of 0.83 and a debt-to-equity ratio of 1.85. The stock has a market cap of $9.52 billion, a price-to-earnings ratio of 18.71, a P/E/G ratio of 2.47 and a beta of 1.39. Avery Dennison has a 52-week low of $82.89 and a 52-week high of $117.00.
In other news, Director Peter K. Barker sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $104.51, for a total value of $209,020.00. Following the transaction, the director now owns 29,769 shares in the company, valued at approximately $3,111,158.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julia A. Stewart sold 5,027 shares of the stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $104.19, for a total transaction of $523,763.13. The disclosure for this sale can be found here. Insiders sold a total of 235,664 shares of company stock worth $25,593,024 in the last quarter. Company insiders own 1.30% of the company’s stock.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc lifted its stake in shares of Avery Dennison by 0.5% in the 3rd quarter. Vanguard Group Inc now owns 9,807,709 shares of the industrial products company’s stock worth $1,062,666,000 after purchasing an additional 44,059 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Avery Dennison by 55.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock worth $196,147,000 after purchasing an additional 648,126 shares during the period. Boston Partners purchased a new stake in Avery Dennison in the 4th quarter worth approximately $116,916,000. Westfield Capital Management Co. LP increased its holdings in Avery Dennison by 10.7% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,022,285 shares of the industrial products company’s stock worth $91,832,000 after acquiring an additional 98,783 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Avery Dennison by 2.5% in the 4th quarter. Northern Trust Corp now owns 1,005,389 shares of the industrial products company’s stock worth $90,313,000 after acquiring an additional 24,741 shares in the last quarter. Hedge funds and other institutional investors own 87.98% of the company’s stock.
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. It also offers durable cast and reflective films.
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