Citigroup Issues Pessimistic Forecast for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY - Free Report) had its price objective cut by Citigroup from $228.00 to $202.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the industrial products company's stock.

Other research analysts have also issued reports about the stock. Barclays lowered their target price 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. StockNews.com downgraded Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday, October 24th. Bank of America decreased their target price on Avery Dennison from $238.00 to $220.00 and set a "buy" rating on the stock in a research report on Monday. JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Finally, Truist Financial decreased their price objective on shares of Avery Dennison from $258.00 to $245.00 and set a "buy" rating on the stock in a research report on Monday. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.60.

Avery Dennison Stock Performance

AVY traded up $3.11 during trading 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 company has a market capitalization 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. The company's fifty day moving average price is $198.61 and its 200-day moving average price is $210.15. Avery Dennison has a 52-week low of $181.99 and a 52-week high of $233.48. 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 (NYSE:AVY - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the company posted $2.10 earnings per share. Avery Dennison's quarterly revenue was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Avery Dennison will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

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

Insider Buying and Selling

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the firm's stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avery Dennison

Several hedge funds have recently modified their holdings of AVY. Larson Financial Group LLC raised its stake in Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company's stock worth $31,000 after purchasing an additional 71 shares during the period. Kennebec Savings Bank purchased a new position in shares of Avery Dennison in the 3rd quarter worth $36,000. Peterson Financial Group Inc. acquired a new position in Avery Dennison in the third quarter valued at $39,000. Ashton Thomas Private Wealth LLC purchased a new stake in Avery Dennison during the second quarter valued at about $42,000. Finally, Raleigh Capital Management Inc. increased its stake in Avery Dennison by 1,400.0% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company's stock worth $56,000 after acquiring an additional 238 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

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.