Truist Financial Cuts Avery Dennison (NYSE:AVY) Price Target to $245.00

Avery Dennison (NYSE:AVY) had its price target lowered by Truist Financial from $258.00 to $245.00 in a research report released on Monday,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

AVY has been the subject of a number of other reports. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Barclays dropped their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $237.60.

Avery Dennison Stock Up 0.5 %

Avery Dennison stock opened at $187.67 on Monday. Avery Dennison has a twelve month low of $181.99 and a twelve month high of $233.48. The stock has a 50 day moving average of $197.43 and a two-hundred day moving average of $209.45. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $15.08 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.10 EPS. As a group, research analysts expect that Avery Dennison will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

Insiders Place Their Bets

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avery Dennison

Hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC boosted its holdings in shares of Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 71 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of Avery Dennison during the third quarter worth $36,000. Peterson Financial Group Inc. acquired a new stake in shares of Avery Dennison during the third quarter worth $39,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison during the second quarter worth $42,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of Avery Dennison by 1,400.0% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

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.