Truist Financial Cuts Avery Dennison (NYSE:AVY) Price Target to $245.00

Avery Dennison (NYSE:AVY - Get Free Report) had its price objective cut by equities research analysts at Truist Financial from $258.00 to $245.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Truist Financial's target price suggests a potential upside of 30.18% from the company's previous close.

A number of other analysts have also recently commented on AVY. Bank of America upgraded Avery Dennison from an "underperform" rating to a "buy" rating and upped their price target for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. StockNews.com lowered shares of Avery Dennison from a "buy" rating to a "hold" rating in a report on Thursday, October 24th. Citigroup lowered their price target on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating on the stock in a report on Wednesday, October 2nd. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Finally, Barclays decreased their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an "overweight" rating on the stock in a research report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $237.60.

Avery Dennison Stock Performance

Shares of AVY traded up $3.11 on Monday, reaching $188.20. The company's stock had a trading volume of 823,929 shares, compared to its average volume of 786,609. The stock's 50 day simple moving average is $198.61 and its two-hundred day simple moving average is $210.15. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The stock has a market capitalization of $15.12 billion, a P/E ratio of 22.59, a PEG ratio of 1.52 and a beta of 0.89. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. The business had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company's revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.10 EPS. Research analysts forecast that Avery Dennison will post 9.42 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of the firm's stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 7,126 shares of the company's stock, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Avery Dennison

Several institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in shares of Avery Dennison by 8.2% in the 3rd 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 during the last quarter. Victory Capital Management Inc. raised its holdings in Avery Dennison by 6.8% during the 3rd 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. Meridiem Investment Management Ltd. lifted its position in Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company's stock worth $175,261,000 after buying an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company's stock worth $172,254,000 after buying an additional 32,467 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in Avery Dennison by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company's stock valued at $154,431,000 after acquiring an additional 3,118 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.