Avery Dennison Corporation (NYSE:AVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, November 7th. The firm currently has a $120.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.43% from the company’s previous close.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 fir fiscal 2017. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. Its estimates have gone up lately.”
A number of other research analysts also recently issued reports on AVY. Loop Capital assumed coverage on shares of Avery Dennison in a research report on Thursday, September 28th. They issued a “hold” rating and a $99.00 price target on the stock. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research report on Monday, October 30th. Robert W. Baird restated a “buy” rating and issued a $115.00 price target on shares of Avery Dennison in a research report on Friday, October 27th. Barclays PLC raised their price target on shares of Avery Dennison from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Finally, J P Morgan Chase & Co downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating in a research report on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Avery Dennison presently has an average rating of “Buy” and a consensus price target of $110.83.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.05. Avery Dennison had a net margin of 6.27% and a return on equity of 40.52%. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $1.01 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. research analysts predict that Avery Dennison will post 4.93 EPS for the current fiscal year.
In related news, CAO Lori J. Bondar sold 10,855 shares of Avery Dennison stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $110.88, for a total value of $1,203,602.40. Following the sale, the chief accounting officer now directly owns 18,556 shares in the company, valued at approximately $2,057,489.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director David E. I. Pyott sold 298 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $94.00, for a total transaction of $28,012.00. Following the transaction, the director now directly owns 16,601 shares in the company, valued at approximately $1,560,494. The disclosure for this sale can be found here. Over the last quarter, insiders sold 154,902 shares of company stock worth $16,461,763. 1.40% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Avery Dennison by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,196,133 shares of the industrial products company’s stock valued at $812,662,000 after buying an additional 204,239 shares during the period. State Street Corp increased its stake in Avery Dennison by 5.0% during the 2nd quarter. State Street Corp now owns 4,776,961 shares of the industrial products company’s stock valued at $422,140,000 after buying an additional 229,297 shares during the period. Victory Capital Management Inc. increased its stake in Avery Dennison by 21.3% during the 2nd quarter. Victory Capital Management Inc. now owns 1,937,495 shares of the industrial products company’s stock valued at $171,216,000 after buying an additional 340,139 shares during the period. Principal Financial Group Inc. increased its stake in Avery Dennison by 110.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock valued at $155,476,000 after buying an additional 923,548 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Avery Dennison by 1.7% during the 2nd quarter. Wells Fargo & Company MN now owns 1,013,602 shares of the industrial products company’s stock valued at $89,571,000 after buying an additional 17,094 shares during the period. 86.80% of the stock is currently owned by hedge funds and other institutional investors.
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Avery Dennison 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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