Avery Dennison (NYSE:AVY) Price Target Increased to $234.00 by Analysts at Citigroup

Avery Dennison (NYSE:AVY) had its price target hoisted by Citigroup from $223.00 to $234.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Several other equities analysts also recently commented on AVY. UBS Group upped their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a buy rating in a research note on Thursday, January 11th. StockNews.com downgraded Avery Dennison from a buy rating to a hold rating in a research note on Wednesday, March 27th. Raymond James upped their price objective on Avery Dennison from $199.00 to $225.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Truist Financial reiterated a buy rating and issued a $249.00 price objective on shares of Avery Dennison in a research note on Friday, January 19th. Finally, Bank of America downgraded Avery Dennison from a buy rating to an underperform rating and set a $208.00 price objective on the stock. in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $221.00.

Avery Dennison Stock Performance

AVY stock opened at $217.14 on Thursday. The firm has a market cap of $17.48 billion, a PE ratio of 34.97, a P/E/G ratio of 3.39 and a beta of 0.90. The company has a quick ratio of 0.69, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. The business has a 50 day moving average of $212.08 and a 200-day moving average of $196.88. Avery Dennison has a 12-month low of $158.93 and a 12-month high of $225.26.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.16. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. Avery Dennison’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 earnings per share. As a group, sell-side analysts expect that Avery Dennison will post 9.28 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.81 per share. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 annualized dividend and a dividend yield of 1.49%. Avery Dennison’s dividend payout ratio is currently 52.17%.

Insiders Place Their Bets

In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the sale, the insider now owns 2,843 shares in the company, valued at $606,383.47. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the transaction, the senior vice president now directly owns 6,102 shares in the company, valued at approximately $1,305,217.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,879 shares of company stock worth $4,217,705 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AVY. Nomura Holdings Inc. bought a new position in Avery Dennison in the fourth quarter valued at $330,000. HighPoint Advisor Group LLC bought a new position in Avery Dennison in the fourth quarter valued at $219,000. Walden Wealth Partners LLC bought a new position in Avery Dennison in the fourth quarter valued at $286,000. Royal London Asset Management Ltd. increased its stake in Avery Dennison by 1.8% in the fourth quarter. Royal London Asset Management Ltd. now owns 31,647 shares of the industrial products company’s stock valued at $6,398,000 after acquiring an additional 545 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Avery Dennison by 31.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 645,721 shares of the industrial products company’s stock valued at $130,539,000 after acquiring an additional 156,189 shares during the last quarter. 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.