JPMorgan Chase & Co. Upgrades Avery Dennison (NYSE:AVY) to “Overweight”

Avery Dennison (NYSE:AVY) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Friday, MarketBeat.com reports. The firm presently has a $205.00 price objective on the industrial products company’s stock, down from their prior price objective of $210.00. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 10.30% from the company’s previous close.

AVY has been the subject of several other reports. UBS Group reduced their target price on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Truist Financial reduced their price objective on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BMO Capital Markets dropped their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Bank of America reduced their price target on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Citigroup lowered their price objective on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $228.96.

Avery Dennison Stock Up 1.8 %

Shares of NYSE:AVY opened at $185.85 on Friday. The company has a market capitalization of $14.93 billion, a price-to-earnings ratio of 22.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The company has a 50 day moving average of $193.21 and a two-hundred day moving average of $205.99. Avery Dennison has a 52-week low of $179.20 and a 52-week high of $233.48. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. As a group, analysts forecast that Avery Dennison will post 9.41 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the sale, the senior vice president now directly owns 7,126 shares in the company, valued at $1,467,956. This trade represents a 34.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its position in Avery Dennison by 8.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock valued at $459,621,000 after buying an additional 157,754 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after acquiring an additional 90,250 shares during the period. Meridiem Investment Management Ltd. boosted its holdings in shares of Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock valued at $175,261,000 after acquiring an additional 5,756 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Avery Dennison by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company’s stock valued at $154,431,000 after acquiring an additional 3,118 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Avery Dennison by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company’s stock worth $151,975,000 after purchasing an additional 1,782 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

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.