Avery Dennison (NYSE:AVY) Hits New 12-Month Low – Should You Sell?

Avery Dennison Co. (NYSE:AVY)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $178.12 and last traded at $179.14, with a volume of 18659 shares traded. The stock had previously closed at $180.15.

Wall Street Analysts Forecast Growth

AVY has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $210.00 to $205.00 in a research note on Friday, January 31st. Truist Financial reaffirmed a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. BMO Capital Markets set a $226.00 target price on shares of Avery Dennison in a research note on Monday, February 3rd. Bank of America lowered their target price on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Barclays lowered their target price on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus target price of $222.51.

Avery Dennison Price Performance

The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The business’s 50-day simple moving average is $185.62 and its 200 day simple moving average is $199.91. The firm has a market capitalization of $13.88 billion, a P/E ratio of 20.15, a PEG ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Sell-side analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison’s dividend payout ratio is 40.37%.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the transaction, the chairman now owns 303,331 shares in the company, valued at approximately $55,160,742.35. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AVY. Larson Financial Group LLC boosted its holdings in Avery Dennison by 100.0% in the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 71 shares in the last quarter. Regents Gate Capital LLP bought a new stake in Avery Dennison in the fourth quarter valued at $37,000. Peterson Financial Group Inc. bought a new stake in Avery Dennison in the third quarter valued at $39,000. Spire Wealth Management boosted its holdings in Avery Dennison by 76.0% in the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 130 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in Avery Dennison in the third quarter valued at $66,000. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Company Profile

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.