Avery Dennison (NYSE:AVY) Price Target Raised to $132.00 at Citigroup

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Avery Dennison (NYSE:AVY) had its target price boosted by Citigroup from $130.00 to $132.00 in a research report released on Thursday, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the industrial products company’s stock.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. set a €8.75 ($10.17) price target on shares of Commerzbank and gave the company a buy rating in a research report on Thursday, April 18th. Loop Capital cut shares of Avery Dennison from a buy rating to a hold rating in a research report on Wednesday, March 20th. They noted that the move was a valuation call. KeyCorp reiterated a hold rating on shares of Silgan in a research report on Wednesday, April 24th. Finally, Zacks Investment Research cut shares of Wix.Com from a hold rating to a sell rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $119.38.

Avery Dennison stock opened at $113.48 on Thursday. Avery Dennison has a 12-month low of $82.89 and a 12-month high of $120.65. The firm has a market capitalization of $9.58 billion, a PE ratio of 18.57, a P/E/G ratio of 2.10 and a beta of 1.35. The stock’s 50-day moving average price is $111.20. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 1.77.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. Avery Dennison had a net margin of 2.74% and a return on equity of 53.28%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business earned $1.44 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. Research analysts anticipate that Avery Dennison will post 6.56 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were issued a $0.58 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.04%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.52. Avery Dennison’s payout ratio is 38.28%.

In related news, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $110.10, for a total value of $1,066,979.10. Following the completion of the transaction, the director now owns 28,396 shares in the company, valued at $3,126,399.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lori J. Bondar sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $111.50, for a total transaction of $557,500.00. Following the completion of the transaction, the vice president now owns 22,428 shares of the company’s stock, valued at approximately $2,500,722. The disclosure for this sale can be found here. Insiders sold 17,416 shares of company stock valued at $1,933,140 in the last 90 days. Company insiders own 1.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of AVY. Fort L.P. lifted its position in shares of Avery Dennison by 2.1% during the 4th quarter. Fort L.P. now owns 4,939 shares of the industrial products company’s stock worth $444,000 after buying an additional 101 shares during the last quarter. ETF Managers Group LLC increased its stake in Avery Dennison by 8.9% in the 1st quarter. ETF Managers Group LLC now owns 1,360 shares of the industrial products company’s stock valued at $154,000 after buying an additional 111 shares during the period. American International Group Inc. increased its stake in Avery Dennison by 0.3% in the 4th quarter. American International Group Inc. now owns 34,688 shares of the industrial products company’s stock valued at $3,116,000 after buying an additional 113 shares during the period. Brinker Capital Inc. grew its stake in shares of Avery Dennison by 2.3% during the 4th quarter. Brinker Capital Inc. now owns 5,329 shares of the industrial products company’s stock worth $479,000 after purchasing an additional 118 shares during the period. Finally, Piedmont Investment Advisors Inc. grew its stake in shares of Avery Dennison by 1.7% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 7,659 shares of the industrial products company’s stock worth $865,000 after purchasing an additional 126 shares during the period. Institutional investors own 88.12% of the company’s stock.

Avery Dennison Company Profile

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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