Avery Dennison (NYSE:AVY) PT Raised to $241.00 at Citigroup

Avery Dennison (NYSE:AVY) had its price target boosted by Citigroup from $230.00 to $241.00 in a report released on Monday, Benzinga reports. The firm currently has a neutral rating on the industrial products company’s stock.

Several other analysts have also issued reports on AVY. StockNews.com raised Avery Dennison from a hold rating to a buy rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an overweight rating in a report on Thursday, April 25th. Robert W. Baird raised their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an outperform rating in a report on Friday, June 7th. Truist Financial raised their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a buy rating in a report on Friday, April 26th. Finally, Argus raised their target price on shares of Avery Dennison from $240.00 to $245.00 and gave the stock a buy rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Avery Dennison has a consensus rating of Moderate Buy and an average price target of $237.15.

Avery Dennison Stock Up 0.6 %

AVY stock opened at $217.84 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94. The company’s 50 day moving average is $224.10 and its 200 day moving average is $214.38. The stock has a market cap of $17.55 billion, a price-to-earnings ratio of 32.04, a price-to-earnings-growth ratio of 1.98 and a beta of 0.88. Avery Dennison has a 1-year low of $165.21 and a 1-year high of $231.53.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.14. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. Sell-side analysts predict that Avery Dennison will post 9.32 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is 51.39%.

Insider Activity

In other news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $227.20, for a total transaction of $657,516.80. Following the sale, the chief financial officer now owns 67,457 shares in the company, valued at approximately $15,326,230.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Gregory Lovins sold 2,894 shares of Avery Dennison stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $227.20, for a total value of $657,516.80. Following the completion of the transaction, the chief financial officer now owns 67,457 shares of the company’s stock, valued at approximately $15,326,230.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Ignacio J. Walker sold 2,206 shares of Avery Dennison stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the transaction, the senior vice president now directly owns 7,082 shares of the company’s stock, valued at approximately $1,605,489.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,583 shares of company stock worth $2,856,353. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds have recently bought and sold shares of the business. Morgan Stanley raised its position in Avery Dennison by 55.7% in the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock worth $326,673,000 after buying an additional 639,521 shares during the last quarter. Cerity Partners LLC raised its position in Avery Dennison by 4,159.9% in the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock worth $240,819,000 after buying an additional 1,163,264 shares during the last quarter. Boston Partners raised its position in Avery Dennison by 3.6% in the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after buying an additional 35,538 shares during the last quarter. Norges Bank purchased a new position in Avery Dennison in the 4th quarter worth about $185,292,000. Finally, Veritas Investment Partners UK Ltd. increased its position in shares of Avery Dennison by 15.5% during the 4th quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock valued at $153,804,000 after purchasing an additional 102,000 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Company Profile

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.