Shares of Avery Dennison Co. (NYSE:AVY - Get Free Report) traded down 5.3% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $182.17 and last traded at $182.75. 193,540 shares changed hands during trading, a decline of 69% from the average session volume of 631,357 shares. The stock had previously closed at $192.91.
The industrial products company reported $2.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%.
Avery Dennison Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 1.89%. Avery Dennison's dividend payout ratio is currently 42.26%.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Citigroup dropped their target price on Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. UBS Group dropped their price objective on Avery Dennison from $235.00 to $207.00 and set a "neutral" rating on the stock in a report on Friday, January 10th. Truist Financial reiterated a "buy" rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research note on Friday. Bank of America dropped their price target on shares of Avery Dennison from $238.00 to $220.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Finally, StockNews.com downgraded shares of Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $228.96.
Check Out Our Latest Analysis on Avery Dennison
Insiders Place Their Bets
In related news, SVP Nicholas Colisto sold 3,679 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the sale, the senior vice president now owns 7,126 shares of the company's stock, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Avery Dennison
Hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its holdings in shares of Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company's stock worth $31,000 after acquiring an additional 71 shares during the period. Kennebec Savings Bank acquired a new position in shares of Avery Dennison during the third quarter worth approximately $36,000. Regents Gate Capital LLP bought a new position in Avery Dennison in the 4th quarter worth approximately $37,000. Peterson Financial Group Inc. acquired a new stake in Avery Dennison in the 3rd quarter valued at approximately $39,000. Finally, Raleigh Capital Management Inc. increased its position in Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 238 shares during the period. 94.17% of the stock is currently owned by institutional investors.
Avery Dennison Stock Up 1.8 %
The company has a market cap of $14.93 billion, a price-to-earnings ratio of 22.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The stock has a 50-day simple moving average of $193.54 and a 200-day simple moving average of $206.34.
About Avery Dennison
(
Get Free Report)
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.
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