Avery Dennison Corporation (AVY) Rating Increased to Buy at Zacks Investment Research
Avery Dennison Corporation (NYSE:AVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $120.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.49% from the company’s previous close.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 fir fiscal 2017. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. Its estimates have gone up lately.”
A number of other equities analysts have also recently issued reports on AVY. KeyCorp reissued a “hold” rating on shares of Avery Dennison Corporation in a report on Monday, October 30th. Barclays PLC increased their target price on Avery Dennison Corporation from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Robert W. Baird restated a “buy” rating and set a $115.00 price target on shares of Avery Dennison Corporation in a research report on Friday, October 27th. Loop Capital increased their price target on Avery Dennison Corporation from $99.00 to $106.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, J P Morgan Chase & Co lowered Avery Dennison Corporation from an “overweight” rating to a “neutral” rating in a research report on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $105.71.
Shares of Avery Dennison Corporation (NYSE AVY) traded down $1.07 on Tuesday, hitting $106.68. The stock had a trading volume of 26,829 shares, compared to its average volume of 678,788. Avery Dennison Corporation has a fifty-two week low of $68.93 and a fifty-two week high of $108.99. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.82 and a current ratio of 1.13. The firm has a market cap of $9,423.41, a PE ratio of 22.92, a PEG ratio of 3.10 and a beta of 1.22.
Avery Dennison Corporation (NYSE:AVY) last issued its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.05. Avery Dennison Corporation had a return on equity of 40.52% and a net margin of 6.27%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the firm posted $1.01 EPS. Avery Dennison Corporation’s quarterly revenue was up 11.3% compared to the same quarter last year. analysts anticipate that Avery Dennison Corporation will post 4.93 earnings per share for the current fiscal year.
In other Avery Dennison Corporation news, Chairman Dean A. Scarborough sold 4,280 shares of the stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $108.35, for a total value of $463,738.00. Following the transaction, the chairman now directly owns 54,042 shares in the company, valued at approximately $5,855,450.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Dean A. Scarborough sold 10,000 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $104.54, for a total value of $1,045,400.00. Following the completion of the transaction, the chairman now owns 94,042 shares in the company, valued at $9,831,150.68. The disclosure for this sale can be found here. Insiders sold a total of 140,047 shares of company stock worth $14,824,481 over the last quarter. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in AVY. Principal Financial Group Inc. boosted its position in Avery Dennison Corporation by 110.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock valued at $155,476,000 after buying an additional 923,548 shares during the last quarter. Congress Asset Management Co. MA bought a new position in shares of Avery Dennison Corporation in the 2nd quarter worth $71,964,000. State of Tennessee Treasury Department boosted its position in shares of Avery Dennison Corporation by 265.7% in the 3rd quarter. State of Tennessee Treasury Department now owns 490,850 shares of the industrial products company’s stock worth $48,270,000 after purchasing an additional 356,628 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Avery Dennison Corporation by 21.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,937,495 shares of the industrial products company’s stock worth $171,216,000 after purchasing an additional 340,139 shares during the last quarter. Finally, Marshall Wace North America L.P. boosted its position in shares of Avery Dennison Corporation by 67.9% in the 2nd quarter. Marshall Wace North America L.P. now owns 648,482 shares of the industrial products company’s stock worth $57,067,000 after purchasing an additional 262,211 shares during the last quarter. Hedge funds and other institutional investors own 86.56% of the company’s stock.
Avery Dennison Corporation Company Profile
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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