Zacks Investment Research Downgrades Avery Dennison Corporation (AVY) to Sell

Zacks Investment Research cut shares of Avery Dennison Corporation (NYSE:AVY) from a hold rating to a sell rating in a research note released on Tuesday, October 17th.

According to Zacks, “For 2017, Avery Dennison expects earnings per share to lie in the range of $4.75–$4.90. The midpoint of the guidance range reflects a year-over-year growth of 20%. The company anticipates reported sales growth in the range of 7–8% for the full year, reflecting the impact of the Yongle and Finesse acquisitions and a smaller currency headwind. Its shares have underperformed the industry year to date. Its estimates have gone down lately. Transition costs related to acquisitions and raw material inflation remain headwinds for Avery Dennison's results in the near term. Following the Yongle and Finesse acquisitions, Avery Dennison’s net debt-to-EBITDA ratio has gone up closer to the high end of its target range.”

Several other equities analysts have also recently commented on the company. Citigroup Inc. boosted their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a buy rating in a research report on Wednesday, July 26th. Robert W. Baird reissued a buy rating and issued a $100.00 target price on shares of Avery Dennison Corporation in a research note on Friday, September 1st. Bank of America Corporation raised Avery Dennison Corporation from a neutral rating to a buy rating and boosted their target price for the company from $90.00 to $96.00 in a research note on Tuesday, June 20th. BidaskClub raised Avery Dennison Corporation from a buy rating to a strong-buy rating in a research note on Wednesday, June 28th. Finally, KeyCorp reissued a hold rating on shares of Avery Dennison Corporation in a research note on Friday, September 22nd. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Avery Dennison Corporation has a consensus rating of Buy and an average price target of $105.29.

Avery Dennison Corporation (NYSE AVY) traded down $0.98 during trading hours on Tuesday, reaching $107.11. The company’s stock had a trading volume of 255,789 shares, compared to its average volume of 666,434. The company has a quick ratio of 0.82, a current ratio of 1.13 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $9,515.85, a PE ratio of 23.15, a P/E/G ratio of 3.13 and a beta of 1.22.

Avery Dennison Corporation (NYSE:AVY) last released its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.05. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. Avery Dennison Corporation had a return on equity of 40.52% and a net margin of 6.27%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the business posted $1.01 earnings per share. equities analysts forecast that Avery Dennison Corporation will post 4.93 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be given a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $1.80 annualized dividend and a yield of 1.68%. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 40.18%.

In related news, Director David E. I. Pyott sold 298 shares of Avery Dennison Corporation stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $94.00, for a total value of $28,012.00. Following the completion of the transaction, the director now owns 16,601 shares in the company, valued at $1,560,494. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Dean A. Scarborough sold 4,280 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $108.35, for a total transaction of $463,738.00. Following the completion of the sale, the chairman now directly owns 54,042 shares of the company’s stock, valued at approximately $5,855,450.70. The disclosure for this sale can be found here. Insiders have sold a total of 130,647 shares of company stock worth $13,813,895 over the last three months. Insiders own 1.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of AVY. Achmea Investment Management B.V. purchased a new position in Avery Dennison Corporation during the first quarter valued at approximately $2,696,000. Federated Investors Inc. PA increased its holdings in Avery Dennison Corporation by 1,038.8% during the second quarter. Federated Investors Inc. PA now owns 99,245 shares of the industrial products company’s stock valued at $8,770,000 after buying an additional 90,530 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in Avery Dennison Corporation by 24.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 501,062 shares of the industrial products company’s stock valued at $44,279,000 after buying an additional 98,593 shares during the period. BlackRock Inc. increased its holdings in Avery Dennison Corporation by 3,215.2% during the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after buying an additional 6,700,152 shares during the period. Finally, Kings Point Capital Management purchased a new position in Avery Dennison Corporation during the second quarter valued at approximately $2,831,000. 86.56% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Corporation Company Profile

Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).

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Analyst Recommendations for Avery Dennison Corporation (NYSE:AVY)

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