Avery Dennison Corp. (AVY) Shares Gap Up to $77.16
Avery Dennison Corp. (NYSE:AVY) shares gapped up prior to trading on Tuesday . The stock had previously closed at $76.81, but opened at $77.16. Avery Dennison Corp. shares last traded at $78.16, with a volume of 211,117 shares trading hands.
Several research analysts have weighed in on the company. Barclays PLC boosted their price target on Avery Dennison Corp. from $82.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, May 2nd. JPMorgan Chase & Co. downgraded Avery Dennison Corp. from an “overweight” rating to a “neutral” rating and set a $78.00 price target for the company. in a report on Thursday, May 26th. Zacks Investment Research upgraded Avery Dennison Corp. from a “sell” rating to a “hold” rating and set a $88.00 price target for the company in a report on Thursday, July 28th. Finally, Bank of America Corp. downgraded Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 price target for the company. in a report on Friday, July 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $78.14.
The company has a 50 day moving average price of $75.92 and a 200-day moving average price of $72.88. The stock has a market capitalization of $6.95 billion and a price-to-earnings ratio of 23.31.
Avery Dennison Corp. (NYSE:AVY) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.08. During the same period in the prior year, the business posted $0.91 EPS. The firm earned $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts predict that Avery Dennison Corp. will post $3.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend is Friday, September 2nd.
In other Avery Dennison Corp. news, VP Anne Hill sold 30,000 shares of the stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $76.25, for a total value of $2,287,500.00. Following the completion of the sale, the vice president now owns 77,847 shares in the company, valued at approximately $5,935,833.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David E. I. Pyott sold 2,000 shares of the stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $78.61, for a total transaction of $157,220.00. Following the completion of the sale, the director now owns 16,058 shares of the company’s stock, valued at approximately $1,262,319.38. The disclosure for this sale can be found here.
Other large investors recently added to or reduced their stakes in the company. RS Investment Management Co. LLC increased its stake in Avery Dennison Corp. by 10.2% in the fourth quarter. RS Investment Management Co. LLC now owns 500,844 shares of the company’s stock worth $31,383,000 after buying an additional 46,400 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Avery Dennison Corp. by 15.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 171,600 shares of the company’s stock worth $10,752,000 after buying an additional 22,860 shares during the last quarter. Finally, Utah Retirement Systems increased its stake in Avery Dennison Corp. by 0.6% in the fourth quarter. Utah Retirement Systems now owns 16,325 shares of the company’s stock worth $1,023,000 after buying an additional 100 shares during the last quarter.
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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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