Zacks Investment Research cut shares of Avery Dennison (NYSE:AVY) from a buy rating to a hold rating in a research note issued to investors on Friday.
According to Zacks, “Avery Dennison's earnings per share guidance range for 2017 is $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. The company has a positive record of earnings surprises. Its estimates have gone up lately.”
Several other brokerages have also recently issued reports on AVY. Robert W. Baird reaffirmed a buy rating and set a $115.00 target price on shares of Avery Dennison in a research note on Friday, October 27th. Loop Capital started coverage on shares of Avery Dennison in a research note on Thursday, September 28th. They set a hold rating and a $99.00 target price on the stock. Barclays lifted their target price on shares of Avery Dennison from $105.00 to $120.00 and gave the stock an overweight rating in a research note on Monday, October 30th. JPMorgan Chase & Co. cut shares of Avery Dennison from an overweight rating to a neutral rating in a research note on Thursday, October 26th. Finally, KeyCorp reaffirmed a hold rating on shares of Avery Dennison in a research note on Friday, September 22nd. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $110.83.
Avery Dennison (NYSE:AVY) last announced its earnings results 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 had a net margin of 6.27% and a return on equity of 40.52%. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the company posted $1.01 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. sell-side analysts forecast that Avery Dennison will post 4.93 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, December 5th. This represents a $1.80 annualized dividend and a dividend yield of 1.52%. Avery Dennison’s dividend payout ratio is presently 40.18%.
In other news, insider Dean A. Scarborough sold 20,000 shares of Avery Dennison stock in a transaction on Monday, October 30th. The stock was sold at an average price of $105.00, for a total transaction of $2,100,000.00. Following the transaction, the insider now owns 94,042 shares in the company, valued at approximately $9,874,410. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter K. Barker sold 2,000 shares of Avery Dennison stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $114.76, for a total value of $229,520.00. Following the transaction, the director now owns 26,703 shares in the company, valued at approximately $3,064,436.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 154,604 shares of company stock worth $16,475,271. Insiders own 1.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AVY. State of Tennessee Treasury Department raised its holdings in shares of Avery Dennison by 265.7% during 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 period. Atlantic Trust Group LLC raised its holdings in shares of Avery Dennison by 3,229.7% during the 3rd quarter. Atlantic Trust Group LLC now owns 357,606 shares of the industrial products company’s stock worth $35,167,000 after acquiring an additional 346,866 shares during the period. State Street Corp raised its holdings in shares of Avery Dennison by 5.0% during 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. Vanguard Group Inc. raised its holdings in 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 valued at $812,662,000 after buying an additional 204,239 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Avery Dennison by 50.5% in the 3rd quarter. APG Asset Management N.V. now owns 508,053 shares of the industrial products company’s stock valued at $49,962,000 after buying an additional 170,400 shares during the period. Institutional investors and hedge funds own 84.82% of the company’s stock.
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Avery Dennison 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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