Avery Dennison’s (AVY) “Outperform” Rating Reiterated at Raymond James

Raymond James reaffirmed their outperform rating on shares of Avery Dennison (NYSE:AVY) in a research report released on Thursday, Benzinga reports. Raymond James currently has a $240.00 target price on the industrial products company’s stock, up from their prior target price of $225.00.

Other equities research analysts have also recently issued reports about the stock. Citigroup lifted their price target on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a research report on Thursday, April 4th. Robert W. Baird lifted their price objective on shares of Avery Dennison from $215.00 to $230.00 and gave the company an outperform rating in a report on Thursday. JPMorgan Chase & Co. lifted their price objective on shares of Avery Dennison from $185.00 to $218.00 and gave the company an overweight rating in a report on Thursday, February 1st. Truist Financial restated a buy rating and issued a $249.00 price objective on shares of Avery Dennison in a report on Friday, January 19th. Finally, StockNews.com upgraded shares of Avery Dennison from a hold rating to a buy rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $224.00.

Avery Dennison Price Performance

Avery Dennison stock opened at $219.03 on Thursday. Avery Dennison has a 12-month low of $158.93 and a 12-month high of $225.26. The stock has a market cap of $17.64 billion, a P/E ratio of 31.98, a PEG ratio of 3.35 and a beta of 0.90. The company has a 50-day moving average price of $215.71 and a 200 day moving average price of $200.48. The company has a current ratio of 0.87, a quick ratio of 0.69 and a debt-to-equity ratio of 0.94.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.16. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the business earned $1.65 earnings per share. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. Sell-side analysts anticipate that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is 47.30%.

Insiders Place Their Bets

In other news, insider Ryan D. Yost sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Ryan D. Yost sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now owns 2,843 shares in the company, valued at approximately $606,383.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julia A. Stewart sold 5,311 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total transaction of $1,074,202.86. Following the sale, the director now owns 5,018 shares of the company’s stock, valued at approximately $1,014,940.68. The disclosure for this sale can be found here. Insiders sold 19,879 shares of company stock worth $4,217,705 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Avery Dennison

Several institutional investors have recently modified their holdings of AVY. Exchange Traded Concepts LLC raised its position in Avery Dennison by 38.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,298 shares of the industrial products company’s stock valued at $602,000 after purchasing an additional 914 shares during the last quarter. Caprock Group LLC purchased a new stake in Avery Dennison in the 3rd quarter valued at $284,000. Oak Thistle LLC purchased a new stake in Avery Dennison in the 3rd quarter valued at $287,000. Czech National Bank raised its position in Avery Dennison by 47.4% in the 3rd quarter. Czech National Bank now owns 14,084 shares of the industrial products company’s stock valued at $2,573,000 after purchasing an additional 4,527 shares during the last quarter. Finally, Connecticut Wealth Management LLC purchased a new stake in Avery Dennison in the 3rd quarter valued at $247,000. Hedge funds and other institutional investors own 94.17% of the company’s stock.

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.