Avery Dennison Corporation (AVY) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Avery Dennison Corporation (NYSE:AVY) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “For 2017, Avery Dennison expects earnings per share to lie in the range of $4.75–$4.90. The midpoint of the guidance range reflects a year-over-year growth of 20%. The company anticipates reported sales growth in the range of 7–8% for the full year, reflecting the impact of the Yongle and Finesse acquisitions and a smaller currency headwind. Its shares have underperformed the industry year to date. Its estimates have gone down lately. Transition costs related to acquisitions and raw material inflation remain headwinds for Avery Dennison's results in the near term. Following the Yongle and Finesse acquisitions, Avery Dennison’s net debt-to-EBITDA ratio has gone up closer to the high end of its target range.”
AVY has been the subject of a number of other reports. Robert W. Baird restated a buy rating and issued a $100.00 price target on shares of Avery Dennison Corporation in a research note on Friday, September 1st. KeyCorp reiterated a hold rating on shares of Avery Dennison Corporation in a research note on Friday, September 22nd. Loop Capital began coverage on Avery Dennison Corporation in a research note on Thursday, September 28th. They set a hold rating and a $99.00 target price for the company. Bank of America Corporation upgraded Avery Dennison Corporation from a neutral rating to a buy rating and lifted their target price for the stock from $90.00 to $96.00 in a research note on Tuesday, June 20th. Finally, Citigroup Inc. lifted their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a buy rating in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $93.14.
Shares of Avery Dennison Corporation (NYSE:AVY) traded down 0.53% during midday trading on Tuesday, reaching $101.04. The company’s stock had a trading volume of 247,167 shares. The company has a 50-day moving average price of $97.47 and a 200-day moving average price of $89.61. Avery Dennison Corporation has a 12 month low of $68.55 and a 12 month high of $102.07. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 23.74 and a beta of 1.19.
Avery Dennison Corporation (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. Equities analysts expect that Avery Dennison Corporation will post $4.83 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were paid a $0.45 dividend. The ex-dividend date was Friday, September 1st. This represents a $1.80 annualized dividend and a yield of 1.77%. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 42.25%.
In related news, Director Patrick Siewert sold 10,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total value of $936,300.00. Following the completion of the sale, the director now directly owns 10,519 shares in the company, valued at approximately $984,893.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David E. I. Pyott sold 298 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $94.00, for a total value of $28,012.00. Following the completion of the sale, the director now owns 16,601 shares of the company’s stock, valued at $1,560,494. The disclosure for this sale can be found here. Insiders sold a total of 12,298 shares of company stock valued at $1,152,312 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Beacon Advisors Inc. bought a new stake in Avery Dennison Corporation in the 1st quarter valued at $105,000. Acrospire Investment Management LLC bought a new stake in Avery Dennison Corporation in the 2nd quarter valued at $129,000. Captrust Financial Advisors bought a new stake in Avery Dennison Corporation in the 2nd quarter valued at $130,000. Pacad Investment Ltd. bought a new stake in Avery Dennison Corporation in the 2nd quarter valued at $141,000. Finally, Ameritas Investment Partners Inc. bought a new stake in Avery Dennison Corporation in the 1st quarter valued at $171,000. Institutional investors and hedge funds own 86.51% of the company’s stock.
About Avery Dennison Corporation
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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