Bank of America Cuts Avery Dennison (NYSE:AVY) Price Target to $220.00

Avery Dennison (NYSE:AVY - Free Report) had its target price decreased by Bank of America from $238.00 to $220.00 in a research note published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company's stock.

AVY has been the subject of several other reports. Citigroup decreased their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating for the company in a report on Wednesday, October 2nd. JPMorgan Chase & Co. downgraded Avery Dennison from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Barclays cut their price objective on Avery Dennison from $250.00 to $245.00 and set an "overweight" rating for the company in a research report on Monday, October 28th. Truist Financial lowered their target price on Avery Dennison from $258.00 to $245.00 and set a "buy" rating on the stock in a report on Monday. Finally, BMO Capital Markets reduced their price objective on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $237.60.

Avery Dennison Stock Up 1.7 %

Shares of Avery Dennison stock traded up $3.11 during midday trading on Monday, reaching $188.20. 823,929 shares of the company's stock traded hands, compared to its average volume of 786,609. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. Avery Dennison has a 52 week low of $181.99 and a 52 week high of $233.48. The company's 50 day simple moving average is $198.61 and its 200 day simple moving average is $210.15. The company has a market cap of $15.12 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

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

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.87%. Avery Dennison's payout ratio is currently 42.26%.

Insiders Place Their Bets

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares in the company, valued at $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Avery Dennison

Several large investors have recently made changes to their positions in AVY. Intech Investment Management LLC increased its stake in shares of Avery Dennison by 3.3% in the second quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company's stock valued at $341,000 after buying an additional 50 shares in the last quarter. Empirical Finance LLC increased its position in Avery Dennison by 2.0% in the 3rd quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company's stock valued at $623,000 after acquiring an additional 55 shares in the last quarter. Procyon Advisors LLC raised its stake in shares of Avery Dennison by 4.0% in the third quarter. Procyon Advisors LLC now owns 1,442 shares of the industrial products company's stock worth $319,000 after acquiring an additional 56 shares during the last quarter. Lindenwold Advisors INC lifted its position in shares of Avery Dennison by 0.6% during the third quarter. Lindenwold Advisors INC now owns 10,266 shares of the industrial products company's stock worth $2,266,000 after purchasing an additional 59 shares in the last quarter. Finally, Cynosure Group LLC increased its holdings in shares of Avery Dennison by 3.6% in the third quarter. Cynosure Group LLC now owns 1,712 shares of the industrial products company's stock valued at $378,000 after purchasing an additional 59 shares in 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.