Avery Dennison (AVY) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Avery Dennison (NYSE:AVY) from a buy rating to a hold rating in a report published on Tuesday morning.

According to Zacks, “Avery Dennison's top and bottom line witnessed year-over-year improvement and beat the respective Zacks Consensus Estimate. The company guided earnings per share range of $5.70-$5.95 for fiscal 2018. The midpoint of the range reflects year-over-year growth of 17%. The company expects organic sales growth of 4% for the fiscal 2018. Focus on productivity, acquisitions, aggressive cost control and share repurchases will drive the company's results. Moreover, its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Avery Dennison's shares have outperformed the industry over a year's time. However, modest sequential inflation in raw material costs will dent first quarter 2018 margins. Also higher debt levels, weak margins in the Industrial and Healthcare Materials segment remain concerns. “

Several other brokerages have also weighed in on AVY. JPMorgan Chase & Co. lowered Avery Dennison from a neutral rating to an underweight rating and set a $113.00 price objective for the company. in a report on Thursday, February 1st. UBS Group assumed coverage on Avery Dennison in a report on Thursday, January 18th. They issued a buy rating and a $135.00 price objective for the company. Bank of America boosted their price objective on Avery Dennison from $128.00 to $133.00 and gave the company a buy rating in a report on Thursday, February 1st. Barclays boosted 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, KeyCorp reissued a hold rating on shares of Avery Dennison in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $120.25.

Avery Dennison (NYSE:AVY) opened at $111.46 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 1.13 and a debt-to-equity ratio of 1.26. Avery Dennison has a one year low of $78.47 and a one year high of $123.67. The company has a market capitalization of $9,700.00, a PE ratio of 35.61, a P/E/G ratio of 2.79 and a beta of 1.20.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.08. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.70 billion. Avery Dennison had a return on equity of 42.26% and a net margin of 4.26%. Avery Dennison’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.99 earnings per share. analysts forecast that Avery Dennison will post 5.88 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Wednesday, March 7th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, March 6th. Avery Dennison’s dividend payout ratio (DPR) is presently 57.51%.

In other news, Director Julia A. Stewart sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $108.42, for a total transaction of $433,680.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter K. Barker sold 2,000 shares of the company’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 transaction, the director now directly owns 26,703 shares of the company’s stock, valued at $3,064,436.28. The disclosure for this sale can be found here. Insiders have sold 16,855 shares of company stock valued at $1,866,802 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Baird Financial Group Inc. grew its holdings in shares of Avery Dennison by 120.3% during the fourth quarter. Baird Financial Group Inc. now owns 12,362 shares of the industrial products company’s stock valued at $1,420,000 after purchasing an additional 6,751 shares during the last quarter. Citizens Financial Group Inc RI grew its holdings in shares of Avery Dennison by 1.0% during the fourth quarter. Citizens Financial Group Inc RI now owns 64,041 shares of the industrial products company’s stock valued at $7,356,000 after purchasing an additional 640 shares during the last quarter. Norinchukin Bank The grew its holdings in shares of Avery Dennison by 7.4% during the fourth quarter. Norinchukin Bank The now owns 7,067 shares of the industrial products company’s stock valued at $812,000 after purchasing an additional 489 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of Avery Dennison by 2.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 103,179 shares of the industrial products company’s stock valued at $11,851,000 after purchasing an additional 2,089 shares during the last quarter. Finally, American International Group Inc. grew its holdings in shares of Avery Dennison by 10.6% during the fourth quarter. American International Group Inc. now owns 33,194 shares of the industrial products company’s stock valued at $3,813,000 after purchasing an additional 3,172 shares during the last quarter. 85.88% of the stock is owned by institutional investors.

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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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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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