UBS Group Lowers Avery Dennison (NYSE:AVY) to Neutral

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

A number of other equities research analysts have also weighed in on AVY. Truist Financial boosted their price target on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday. BMO Capital Markets dropped their price target on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Raymond James restated an “outperform” rating and set a $240.00 price target (up previously from $225.00) on shares of Avery Dennison in a research note on Thursday, April 25th. Finally, Citigroup boosted their price target on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $239.96.

Avery Dennison Price Performance

Shares of AVY stock opened at $213.73 on Thursday. Avery Dennison has a 1-year low of $165.21 and a 1-year high of $233.48. The stock’s 50-day moving average is $222.84 and its 200 day moving average is $215.90. The company has a market cap of $17.22 billion, a P/E ratio of 31.20, a PEG ratio of 1.86 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.58.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the company earned $1.92 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Research analysts predict that Avery Dennison will post 9.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction that occurred on 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 directly owns 67,457 shares of the company’s stock, valued at $15,326,230.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Avery Dennison news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction that occurred on 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 directly owns 67,457 shares of the company’s stock, valued at $15,326,230.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Ignacio J. Walker sold 2,206 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $226.70, for a total value of $500,100.20. Following the transaction, the senior vice president now directly owns 7,082 shares of the company’s stock, valued at $1,605,489.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,583 shares of company stock valued at $2,856,353. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AVY. Raymond James & Associates raised its stake in shares of Avery Dennison by 1.4% during the 4th quarter. Raymond James & Associates now owns 252,585 shares of the industrial products company’s stock worth $51,063,000 after buying an additional 3,500 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Avery Dennison by 2.9% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 25,816 shares of the industrial products company’s stock worth $5,219,000 after buying an additional 720 shares during the period. Pacer Advisors Inc. raised its stake in shares of Avery Dennison by 91.3% during the 4th quarter. Pacer Advisors Inc. now owns 9,779 shares of the industrial products company’s stock worth $1,977,000 after buying an additional 4,667 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Avery Dennison by 192.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 10,713 shares of the industrial products company’s stock worth $2,166,000 after purchasing an additional 7,047 shares in the last quarter. Finally, Procyon Advisors LLC increased its position in shares of Avery Dennison by 8.6% during the fourth quarter. Procyon Advisors LLC now owns 1,519 shares of the industrial products company’s stock worth $307,000 after purchasing an additional 120 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

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.