Avery Dennison (NYSE:AVY) Receives “Buy” Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Avery Dennison (NYSE:AVY) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $215.00 target price on the industrial products company’s stock, down from their prior target price of $245.00.

A number of other research analysts have also issued reports on the stock. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. BMO Capital Markets dropped their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Bank of America lowered their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Citigroup cut their price target on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Finally, Barclays lowered their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $228.96.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $185.85 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The stock has a market capitalization of $14.93 billion, a P/E ratio of 22.31, a P/E/G ratio of 1.38 and a beta of 0.89. The business has a 50-day moving average of $193.54 and a two-hundred day moving average of $206.34. Avery Dennison has a fifty-two week low of $179.20 and a fifty-two week high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. On average, equities research analysts predict that Avery Dennison will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

Insider Transactions at Avery Dennison

In related news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This trade represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by insiders.

Institutional Trading of Avery Dennison

Several hedge funds have recently modified their holdings of AVY. AQR Capital Management LLC grew its position in Avery Dennison by 25.1% during the 2nd quarter. AQR Capital Management LLC now owns 14,058 shares of the industrial products company’s stock worth $3,074,000 after acquiring an additional 2,819 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Avery Dennison by 10.6% during the second quarter. Millennium Management LLC now owns 68,885 shares of the industrial products company’s stock worth $15,062,000 after purchasing an additional 6,627 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Avery Dennison by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 52,296 shares of the industrial products company’s stock valued at $11,435,000 after buying an additional 2,774 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in shares of Avery Dennison by 21.5% in the second quarter. EP Wealth Advisors LLC now owns 1,134 shares of the industrial products company’s stock valued at $248,000 after buying an additional 201 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Avery Dennison during the 2nd quarter worth about $2,710,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

About Avery Dennison

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.