Citigroup Cuts Avery Dennison (NYSE:AVY) Price Target to $132.00

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Avery Dennison (NYSE:AVY) had its price target decreased by Citigroup from $136.00 to $132.00 in a research report released on Thursday, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the industrial products company’s stock.

AVY has been the subject of several other reports. Bank of America upgraded shares of Avery Dennison from a neutral rating to a buy rating and set a $130.00 target price for the company in a research report on Friday, September 13th. UBS Group dropped their target price on shares of Avery Dennison from $130.00 to $129.00 and set a buy rating for the company in a research report on Friday, September 13th. JPMorgan Chase & Co. lifted their target price on shares of Avery Dennison from $105.00 to $111.00 and gave the company an underweight rating in a research report on Wednesday, July 24th. ValuEngine lowered shares of Avery Dennison from a hold rating to a sell rating in a research report on Wednesday, September 11th. Finally, Berenberg Bank initiated coverage on shares of Avery Dennison in a research report on Thursday, August 15th. They set a buy rating and a $130.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $123.25.

Shares of Avery Dennison stock opened at $116.89 on Thursday. Avery Dennison has a 1 year low of $82.89 and a 1 year high of $120.65. The firm has a market cap of $9.71 billion, a PE ratio of 19.29, a PEG ratio of 2.14 and a beta of 1.30. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.04 and a quick ratio of 0.75. The company has a 50 day simple moving average of $113.38 and a two-hundred day simple moving average of $111.91.

Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business posted $1.66 earnings per share. Avery Dennison’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, research analysts anticipate that Avery Dennison will post 6.52 earnings per share for the current year.

In other Avery Dennison news, insider Georges Gravanis sold 2,500 shares of Avery Dennison stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $116.88, for a total transaction of $292,200.00. Following the transaction, the insider now directly owns 13,637 shares of the company’s stock, valued at $1,593,892.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anthony Anderson sold 2,150 shares of Avery Dennison stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $114.54, for a total transaction of $246,261.00. Following the transaction, the director now directly owns 2,862 shares in the company, valued at $327,813.48. The disclosure for this sale can be found here. Insiders have sold 76,490 shares of company stock worth $8,886,301 over the last three months. Insiders own 1.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. raised its stake in shares of Avery Dennison by 1.4% during the third quarter. Envestnet Asset Management Inc. now owns 59,866 shares of the industrial products company’s stock worth $6,799,000 after acquiring an additional 804 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Avery Dennison by 2.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 63,949 shares of the industrial products company’s stock worth $7,262,000 after acquiring an additional 1,303 shares in the last quarter. CHURCHILL MANAGEMENT Corp raised its stake in shares of Avery Dennison by 18.6% during the third quarter. CHURCHILL MANAGEMENT Corp now owns 34,642 shares of the industrial products company’s stock worth $3,934,000 after acquiring an additional 5,433 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of Avery Dennison by 20.7% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 2,258 shares of the industrial products company’s stock worth $256,000 after acquiring an additional 388 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Avery Dennison by 16.5% during the third quarter. Meeder Asset Management Inc. now owns 8,696 shares of the industrial products company’s stock worth $987,000 after acquiring an additional 1,229 shares in the last quarter. 88.39% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Company Profile

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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