Zacks Investment Research Upgrades Avery Dennison (AVY) to Buy

Zacks Investment Research upgraded shares of Avery Dennison (NYSE:AVY) from a hold rating to a buy rating in a report released on Monday, January 8th. The brokerage currently has $132.00 price target on the industrial products company’s stock.

According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 for 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. The company has a positive record of earnings surprises in the last few quarters. “

Other equities analysts have also recently issued research reports about the stock. Barclays raised their price target on shares of Avery Dennison from $105.00 to $120.00 and gave the company an overweight rating in a research report on Monday, October 30th. Robert W. Baird reissued a buy rating and set a $115.00 target price on shares of Avery Dennison in a research report on Friday, October 27th. JPMorgan Chase & Co. lowered shares of Avery Dennison from an overweight rating to a neutral rating in a research note on Thursday, October 26th. KeyCorp restated a hold rating on shares of Avery Dennison in a research note on Monday, October 30th. Finally, Loop Capital began coverage on shares of Avery Dennison in a research note on Thursday, September 28th. They set a hold rating and a $99.00 price target for the company. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $112.83.

Avery Dennison (NYSE:AVY) opened at $117.38 on Monday. The stock has a market cap of $10,507.14, a PE ratio of 26.20, a PEG ratio of 3.12 and a beta of 1.24. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 1.14. Avery Dennison has a 1 year low of $71.71 and a 1 year high of $120.32.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm earned $1.01 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. research analysts forecast that Avery Dennison will post 4.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Tuesday, December 5th. Avery Dennison’s dividend payout ratio is currently 40.18%.

In other Avery Dennison news, insider Mitchell R. Butier sold 77,551 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $106.31, for a total value of $8,244,446.81. Following the completion of the sale, the insider now directly owns 130,673 shares of the company’s stock, valued at $13,891,846.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Susan C. Miller sold 6,518 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $105.17, for a total transaction of $685,498.06. Following the completion of the sale, the vice president now directly owns 13,409 shares of the company’s stock, valued at $1,410,224.53. The disclosure for this sale can be found here. Insiders have sold a total of 154,604 shares of company stock valued at $16,475,271 over the last ninety days. 1.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ETRADE Capital Management LLC increased its position in shares of Avery Dennison by 12.8% during the third quarter. ETRADE Capital Management LLC now owns 20,961 shares of the industrial products company’s stock valued at $2,061,000 after buying an additional 2,377 shares during the period. Piedmont Investment Advisors LLC increased its position in shares of Avery Dennison by 77.6% during the third quarter. Piedmont Investment Advisors LLC now owns 44,577 shares of the industrial products company’s stock valued at $4,384,000 after buying an additional 19,479 shares during the period. JPMorgan Chase & Co. increased its position in shares of Avery Dennison by 2.2% during the second quarter. JPMorgan Chase & Co. now owns 585,504 shares of the industrial products company’s stock valued at $51,742,000 after buying an additional 12,873 shares during the period. IFM Investors Pty Ltd purchased a new position in shares of Avery Dennison during the third quarter valued at about $317,000. Finally, Royal Bank of Canada increased its position in shares of Avery Dennison by 35.2% during the second quarter. Royal Bank of Canada now owns 303,255 shares of the industrial products company’s stock valued at $26,798,000 after buying an additional 78,937 shares during the period. Institutional investors own 84.92% of the company’s stock.

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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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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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