Avery Dennison (NYSE:AVY) Stock Rating Lowered by UBS Group

Avery Dennison (NYSE:AVY) was downgraded by stock analysts at UBS Group from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $235.00 price objective on the industrial products company’s stock, down from their previous price objective of $262.00. UBS Group’s price target indicates a potential upside of 9.95% from the stock’s previous close.

Several other analysts also recently commented on AVY. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Argus increased their target price on shares of Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Citigroup increased their target price on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a report on Monday, July 8th. JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Finally, Truist Financial increased their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Avery Dennison currently has a consensus rating of “Moderate Buy” and a consensus price target of $239.96.

Avery Dennison Stock Performance

AVY opened at $213.73 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.58 and a debt-to-equity ratio of 0.89. The company’s fifty day moving average price is $222.84 and its two-hundred day moving average price is $215.90. Avery Dennison has a 1-year low of $165.21 and a 1-year high of $233.48. The company has a market cap of $17.22 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 1.86 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.26 by $0.16. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.92 earnings per share. On average, analysts expect that Avery Dennison will post 9.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avery Dennison news, insider Ryan D. Yost sold 584 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $221.31, for a total transaction of $129,245.04. Following the completion of the transaction, the insider now owns 2,259 shares in the company, valued at $499,939.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Avery Dennison news, insider Ryan D. Yost sold 584 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $221.31, for a total transaction of $129,245.04. Following the completion of the transaction, the insider now owns 2,259 shares in the company, valued at $499,939.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Deena Baker-Nel sold 3,000 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total transaction of $684,510.00. Following the transaction, the senior vice president now owns 1,577 shares of the company’s stock, valued at approximately $359,824.09. The disclosure for this sale can be found here. Insiders sold 12,583 shares of company stock worth $2,856,353 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avery Dennison

A number of large investors have recently modified their holdings of the company. Kintegral Advisory LLC boosted its position in shares of Avery Dennison by 6.6% in the second quarter. Kintegral Advisory LLC now owns 1,862 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 115 shares during the period. State of Michigan Retirement System boosted its position in shares of Avery Dennison by 4.5% in the second quarter. State of Michigan Retirement System now owns 23,087 shares of the industrial products company’s stock valued at $5,048,000 after acquiring an additional 1,000 shares during the period. Bailard Inc. boosted its position in shares of Avery Dennison by 0.5% in the second quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock valued at $2,668,000 after acquiring an additional 61 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Avery Dennison by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after acquiring an additional 17,158 shares during the period. Finally, Raymond James Trust N.A. raised its stake in Avery Dennison by 1.8% in the second quarter. Raymond James Trust N.A. now owns 7,174 shares of the industrial products company’s stock valued at $1,569,000 after purchasing an additional 127 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

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.