Bank of America Upgrades Avery Dennison (NYSE:AVY) to “Buy”

Avery Dennison (NYSE:AVY) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Thursday, FinViz reports. The brokerage presently has a $250.00 price objective on the industrial products company’s stock, up from their previous price objective of $207.00. Bank of America‘s price objective would indicate a potential upside of 16.33% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and cut their price target for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Citigroup decreased their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 target price (down previously from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Truist Financial boosted their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Barclays started coverage on shares of Avery Dennison in a research note on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target on the stock. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $246.78.

Avery Dennison Stock Performance

Shares of NYSE:AVY opened at $214.91 on Thursday. The firm has a fifty day simple moving average of $216.39 and a two-hundred day simple moving average of $218.83. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $17.31 billion, a P/E ratio of 31.37, a PEG ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.92 EPS. On average, analysts expect that Avery Dennison will post 9.41 earnings per share for the current fiscal year.

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total value of $2,142,100.00. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at $65,144,259.94. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,108 shares of company stock valued at $12,545,087 over the last 90 days. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

Institutional investors and hedge funds have recently made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in shares of Avery Dennison during the second quarter worth about $28,000. Ashton Thomas Private Wealth LLC acquired a new position in Avery Dennison in the second quarter valued at approximately $42,000. 1620 Investment Advisors Inc. purchased a new stake in Avery Dennison in the 2nd quarter worth approximately $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter worth approximately $64,000. Finally, Versant Capital Management Inc increased its holdings in shares of Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock valued at $68,000 after purchasing an additional 281 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

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.