Zacks Investment Research Downgrades Avery Dennison Corporation (AVY) to Hold

Zacks Investment Research lowered shares of Avery Dennison Corporation (NYSE:AVY) from a buy rating to a hold rating in a research note published on Tuesday.

According to Zacks, “Avery Dennison’s both top and bottom line improved year over year and surpassed the Zacks Consensus Estimates. Given the better-than-expected operating results, the company raised adjusted earnings per share guidance range to $4.90-$4.95. 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. However, raw material cost inflation and transition costs related to Yongle acquisition will dent margins in the near term.”

AVY has been the subject of several other reports. KeyCorp reiterated a hold rating on shares of Avery Dennison Corporation in a research note on Monday, October 30th. Citigroup Inc boosted their price objective on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a buy rating in a research note on Wednesday, July 26th. J P Morgan Chase & Co downgraded shares of Avery Dennison Corporation from an overweight rating to a neutral rating in a research note on Thursday, October 26th. Loop Capital upped their target price on shares of Avery Dennison Corporation from $99.00 to $106.00 and gave the company a hold rating in a research note on Thursday, October 26th. Finally, Barclays PLC upped their target price on shares of Avery Dennison Corporation from $105.00 to $120.00 and gave the company an overweight rating in a research note on Monday, October 30th. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Avery Dennison Corporation currently has an average rating of Buy and an average target price of $105.29.

Shares of Avery Dennison Corporation (NYSE:AVY) opened at $108.09 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $9.55 billion, a PE ratio of 23.22, a P/E/G ratio of 3.14 and a beta of 1.22.

Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.05. Avery Dennison Corporation had a net margin of 6.27% and a return on equity of 40.52%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the firm earned $1.01 earnings per share. Avery Dennison Corporation’s revenue for the quarter was up 11.3% on a year-over-year basis. analysts expect that Avery Dennison Corporation will post 4.93 EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $1.80 annualized dividend and a dividend yield of 1.67%. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 40.18%.

In related news, Director David E. I. Pyott sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $94.00, for a total value of $188,000.00. Following the sale, the director now directly owns 16,601 shares of the company’s stock, valued at $1,560,494. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David E. I. Pyott sold 298 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $94.00, for a total transaction of $28,012.00. Following the completion of the sale, the director now directly owns 16,601 shares in the company, valued at $1,560,494. The disclosure for this sale can be found here. Insiders sold 130,647 shares of company stock valued at $13,813,895 over the last 90 days. Insiders own 1.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. National Asset Management Inc. raised its holdings in Avery Dennison Corporation by 0.3% in the second quarter. National Asset Management Inc. now owns 4,151 shares of the industrial products company’s stock valued at $369,000 after acquiring an additional 12 shares in the last quarter. Veritable L.P. raised its holdings in Avery Dennison Corporation by 0.6% in the second quarter. Veritable L.P. now owns 2,777 shares of the industrial products company’s stock valued at $245,000 after acquiring an additional 16 shares in the last quarter. Private Trust Co. NA raised its holdings in Avery Dennison Corporation by 0.5% in the second quarter. Private Trust Co. NA now owns 5,327 shares of the industrial products company’s stock valued at $470,000 after acquiring an additional 28 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Avery Dennison Corporation by 0.5% in the second quarter. CIBC Asset Management Inc now owns 8,592 shares of the industrial products company’s stock valued at $759,000 after acquiring an additional 39 shares in the last quarter. Finally, Spectrum Management Group Inc. raised its holdings in Avery Dennison Corporation by 0.8% in the second quarter. Spectrum Management Group Inc. now owns 5,030 shares of the industrial products company’s stock valued at $445,000 after acquiring an additional 40 shares in the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Corporation Company Profile

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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