Zacks Investment Research Upgrades Avery Dennison (AVY) to “Buy”
Zacks Investment Research upgraded shares of Avery Dennison (NYSE:AVY) from a hold rating to a buy rating in a research note released on Monday morning. Zacks Investment Research currently has $132.00 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 for 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. The company has a positive record of earnings surprises in the last few quarters. “
AVY has been the topic of a number of other research reports. KeyCorp reissued a hold rating on shares of Avery Dennison in a report on Monday, October 30th. JPMorgan Chase & Co. lowered Avery Dennison from an overweight rating to a neutral rating in a report on Thursday, October 26th. Loop Capital increased their price objective on Avery Dennison from $99.00 to $106.00 and gave the company a hold rating in a report on Thursday, October 26th. Barclays increased their price objective on Avery Dennison from $105.00 to $120.00 and gave the company an overweight rating in a report on Monday, October 30th. Finally, Robert W. Baird reissued a buy rating and set a $115.00 price objective on shares of Avery Dennison in a report on Friday, October 27th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Avery Dennison has a consensus rating of Buy and an average target price of $112.83.
Avery Dennison (NYSE AVY) traded down $0.32 on Monday, hitting $118.59. The stock had a trading volume of 347,600 shares, compared to its average volume of 501,029. Avery Dennison has a 52 week low of $71.39 and a 52 week high of $119.29. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82. The stock has a market cap of $10,490.00, a P/E ratio of 26.47, a PEG ratio of 3.09 and a beta of 1.24.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the business earned $1.01 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. equities analysts forecast that Avery Dennison will post 4.93 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Tuesday, December 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 40.18%.
In other Avery Dennison news, CAO Lori J. Bondar sold 10,855 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $110.88, for a total value of $1,203,602.40. Following the sale, the chief accounting officer now owns 18,556 shares of the company’s stock, valued at approximately $2,057,489.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter K. Barker sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $114.76, for a total value of $229,520.00. Following the completion of the sale, the director now directly owns 26,703 shares in the company, valued at approximately $3,064,436.28. The disclosure for this sale can be found here. Insiders sold a total of 154,604 shares of company stock worth $16,475,271 in the last ninety days. Insiders own 1.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Avery Dennison by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,196,133 shares of the industrial products company’s stock worth $812,662,000 after acquiring an additional 204,239 shares during the period. State Street Corp lifted its position in shares of Avery Dennison by 5.0% in the 2nd quarter. State Street Corp now owns 4,776,961 shares of the industrial products company’s stock worth $422,140,000 after acquiring an additional 229,297 shares during the period. Wells Fargo & Company MN lifted its position in shares of Avery Dennison by 1.7% in the 2nd quarter. Wells Fargo & Company MN now owns 1,013,602 shares of the industrial products company’s stock worth $89,571,000 after acquiring an additional 17,094 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Avery Dennison by 21.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 911,591 shares of the industrial products company’s stock worth $89,646,000 after acquiring an additional 159,800 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in shares of Avery Dennison by 15.3% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 856,936 shares of the industrial products company’s stock worth $84,271,000 after acquiring an additional 113,600 shares during the period. Institutional investors own 84.82% of the company’s stock.
About Avery Dennison
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).
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