Bank of America Has Lowered Expectations for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY) had its price target reduced by equities researchers at Bank of America from $238.00 to $220.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 17.87% from the company’s current price.

Several other brokerages also recently issued reports on AVY. Citigroup reduced their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. BMO Capital Markets cut their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Truist Financial decreased their target price on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a research report on Monday. Finally, StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Avery Dennison Trading Down 0.7 %

NYSE:AVY opened at $186.65 on Monday. The firm has a market capitalization of $15.00 billion, a P/E ratio of 22.41, a P/E/G ratio of 1.52 and a beta of 0.89. The business has a 50 day simple moving average of $198.23 and a 200 day simple moving average of $209.88. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Equities research analysts predict that Avery Dennison will post 9.42 EPS for the current year.

Insider Transactions at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVY. Geode Capital Management LLC lifted its holdings in shares of Avery Dennison by 8.2% in the third quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock valued at $459,621,000 after purchasing an additional 157,754 shares in the last quarter. Victory Capital Management Inc. raised its position in Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after buying an additional 90,250 shares during the period. World Investment Advisors LLC lifted its stake in Avery Dennison by 2,629.0% in the 3rd quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company’s stock worth $20,278,000 after acquiring an additional 88,491 shares in the last quarter. Bahl & Gaynor Inc. boosted its position in Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after acquiring an additional 81,993 shares during the period. Finally, Acadian Asset Management LLC grew its stake in Avery Dennison by 3,517.1% during the 2nd quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock valued at $17,701,000 after acquiring an additional 78,748 shares in the last quarter. Institutional investors and hedge funds 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.