Avery Dennison (NYSE:AVY) Earns Buy Rating from Truist Financial

Truist Financial restated their buy rating on shares of Avery Dennison (NYSE:AVY) in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a $215.00 target price on the industrial products company’s stock.

AVY has been the topic of several other reports. Argus reduced their target price on Avery Dennison from $220.00 to $200.00 and set a buy rating on the stock in a report on Wednesday, July 26th. BMO Capital Markets cut their price target on Avery Dennison from $210.00 to $200.00 and set an outperform rating for the company in a research note on Wednesday, July 26th. Loop Capital cut their target price on Avery Dennison from $208.00 to $201.00 in a research note on Thursday, June 8th. UBS Group upgraded Avery Dennison from a neutral rating to a buy rating and raised their target price for the stock from $184.00 to $220.00 in a research note on Wednesday, August 23rd. Finally, StockNews.com started coverage on Avery Dennison in a report on Thursday, August 17th. They issued a hold rating on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $205.00.

Avery Dennison Price Performance

Shares of AVY opened at $181.88 on Friday. The stock has a market capitalization of $14.66 billion, a P/E ratio of 26.21, a P/E/G ratio of 3.25 and a beta of 0.96. Avery Dennison has a twelve month low of $157.28 and a twelve month high of $195.95. The company has a 50 day moving average of $181.96 and a 200-day moving average of $175.23. The company has a quick ratio of 0.71, a current ratio of 1.09 and a debt-to-equity ratio of 1.44.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.13). Avery Dennison had a return on equity of 31.13% and a net margin of 6.66%. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period last year, the firm earned $2.64 earnings per share. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. As a group, equities research analysts forecast that Avery Dennison will post 8.04 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Tuesday, September 5th. Avery Dennison’s dividend payout ratio is presently 46.69%.

Insider Activity

In related news, Director Julia A. Stewart sold 5,633 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $186.14, for a total transaction of $1,048,526.62. Following the completion of the sale, the director now directly owns 10,329 shares of the company’s stock, valued at approximately $1,922,640.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Francisco Melo sold 4,800 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $186.00, for a total transaction of $892,800.00. Following the transaction, the insider now directly owns 16,905 shares in the company, valued at approximately $3,144,330. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Julia A. Stewart sold 5,633 shares of Avery Dennison stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $186.14, for a total value of $1,048,526.62. Following the sale, the director now directly owns 10,329 shares of the company’s stock, valued at approximately $1,922,640.06. The disclosure for this sale can be found here. Insiders sold 10,836 shares of company stock valued at $2,014,000 in the last ninety days. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

Several institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Avery Dennison by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,078 shares of the industrial products company’s stock valued at $1,927,000 after purchasing an additional 686 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Avery Dennison by 28.5% during the first quarter. Great West Life Assurance Co. Can now owns 46,710 shares of the industrial products company’s stock worth $8,530,000 after buying an additional 10,370 shares during the last quarter. Yousif Capital Management LLC lifted its position in Avery Dennison by 0.5% in the first quarter. Yousif Capital Management LLC now owns 12,732 shares of the industrial products company’s stock valued at $2,215,000 after purchasing an additional 65 shares during the period. Raymond James Trust N.A. lifted its position in shares of Avery Dennison by 61.4% during the 1st quarter. Raymond James Trust N.A. now owns 4,968 shares of the industrial products company’s stock valued at $864,000 after acquiring an additional 1,889 shares during the period. Finally, Blair William & Co. IL lifted its position in shares of Avery Dennison by 2.2% during the 1st quarter. Blair William & Co. IL now owns 8,215 shares of the industrial products company’s stock valued at $1,429,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 91.09% of the company’s stock.

Avery Dennison Company Profile

Avery Dennison Corporation operates as materials science and digital identification solutions company. It provides branding and information labeling solutions, including pressure-sensitive materials, radio-frequency identification (RFID) inlays and tags, and various converted products and solutions. The company designs and manufactures a range of labeling and functional materials that enhance branded packaging, carry or display information that connects the physical and the digital, and improve customers' product performance.