Zacks Investment Research upgraded shares of Avery Dennison Corp. (NYSE:AVY) from a hold rating to a buy rating in a research note published on Wednesday. They currently have $87.00 price objective on the stock.
According to Zacks, “Following the strong operating performance in the second quarter 2016, Avery Dennison raised its adjusted earnings per share guidance to a new range of $3.80–$3.95 for full year 2016. Its endeavor to reduce fixed costs, localize material sourcing and responding more quickly to changes in customer needs by decentralizing decision making will aid growth. The company's recent acquisition of Mactac will add capacity to support growth for both graphics and tapes. Further, Avery Dennison will gain from constant focus on productivity and capital discipline. Continued focus on execution of strategies, cost control and share repurchases will also drive results. The company has a positve record of earnings surprises in the recent quarters.”
Several other equities research analysts also recently weighed in on AVY. JPMorgan Chase & Co. downgraded shares of Avery Dennison Corp. from an overweight rating to a neutral rating and set a $78.00 target price on the stock. in a research note on Thursday, May 26th. Bank of America Corp. downgraded shares of Avery Dennison Corp. from a buy rating to an underperform rating and set a $75.00 target price on the stock. in a research note on Friday, July 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $78.00.
Shares of Avery Dennison Corp. (NYSE:AVY) opened at 78.77 on Wednesday. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 23.48 and a beta of 1.01. Avery Dennison Corp. has a 1-year low of $55.29 and a 1-year high of $79.27. The company’s 50-day moving average is $77.47 and its 200 day moving average is $74.55.
Avery Dennison Corp. (NYSE:AVY) last announced its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.08. Avery Dennison Corp. had a net margin of 5.18% and a return on equity of 34.82%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities analysts anticipate that Avery Dennison Corp. will post $3.94 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.10%. The ex-dividend date was Friday, September 2nd. Avery Dennison Corp.’s dividend payout ratio is presently 48.81%.
In other Avery Dennison Corp. news, insider Dean A. Scarborough sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $77.05, for a total transaction of $10,016,500.00. Following the transaction, the insider now owns 261,066 shares of the company’s stock, valued at approximately $20,115,135.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Susan C. Miller sold 2,000 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $77.56, for a total transaction of $155,120.00. Following the transaction, the vice president now directly owns 8,518 shares in the company, valued at approximately $660,656.08. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Springbok Capital Management LLC acquired a new position in Avery Dennison Corp. during the first quarter worth approximately $136,000. Financial Architects Inc acquired a new position in Avery Dennison Corp. during the second quarter worth approximately $169,000. Whittier Trust Co. increased its position in Avery Dennison Corp. by 21.5% in the second quarter. Whittier Trust Co. now owns 2,357 shares of the company’s stock worth $176,000 after buying an additional 417 shares during the period. Creative Planning increased its position in Avery Dennison Corp. by 62.0% in the second quarter. Creative Planning now owns 2,578 shares of the company’s stock worth $193,000 after buying an additional 987 shares during the period. Finally, Veritable L.P. acquired a new position in Avery Dennison Corp. during the second quarter worth approximately $206,000. 89.50% of the stock is currently owned by institutional investors and hedge funds.
Avery Dennison Corp. Company Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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