Avery Dennison (NYSE:AVY) Hits New 1-Year Low Following Weak Earnings

Avery Dennison Co. (NYSE:AVY - Get Free Report) reached a new 52-week low during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $179.20 and last traded at $182.67, with a volume of 2345161 shares. The stock had previously closed at $192.91.

The industrial products company reported $2.38 EPS for the quarter, missing analysts' consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison's dividend payout ratio (DPR) is 40.37%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVY. Truist Financial reissued a "buy" rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research note on Friday. BMO Capital Markets reduced their price target on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Bank of America reduced their price target on shares of Avery Dennison from $238.00 to $220.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Citigroup reduced their price target on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. Finally, StockNews.com lowered shares of Avery Dennison from a "buy" rating to a "hold" rating in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison has an average rating of "Moderate Buy" and a consensus target price of $227.15.

Insiders Place Their Bets

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the business'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 owns 7,126 shares in the company, valued at $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On Avery Dennison

A number of institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of Avery Dennison by 8.2% during the third quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company's stock worth $459,621,000 after purchasing an additional 157,754 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock worth $312,772,000 after purchasing an additional 90,250 shares in the last quarter. Meridiem Investment Management Ltd. grew its stake in shares of Avery Dennison by 0.7% during the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company's stock worth $175,261,000 after purchasing an additional 5,756 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of 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 worth $154,431,000 after purchasing an additional 3,118 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Avery Dennison by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company's stock worth $151,975,000 after purchasing an additional 1,782 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Trading Down 1.3 %

The stock has a market cap of $14.74 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 1.37 and a beta of 0.89. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The business's 50 day moving average is $193.21 and its 200 day moving average is $205.88.

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.