Avery Dennison Corp Assigned BBB Credit Rating by Morningstar (AVY)
Avery Dennison Corp (NYSE:AVY) has earned a “BBB” credit rating from analysts at Morningstar. The credit rating agency’s “BBB” rating indicates that the company is a moderate default risk. They also issued a neutral credit outlook for the company and gave their stock a three star rating.
A number of other analysts have also recently weighed in on AVY. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Avery Dennison Corp in a research note on Wednesday, July 30th. They now have a $53.00 price target on the stock, down previously from $54.00. Separately, analysts at Topeka Capital Markets downgraded shares of Avery Dennison Corp from a “buy” rating to a “hold” rating in a research note on Tuesday, July 29th. They now have a $54.00 price target on the stock, down previously from $59.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Avery Dennison Corp in a research note on Monday, July 28th. They now have a $52.00 price target on the stock. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $54.17.
Shares of Avery Dennison Corp (NYSE:AVY) opened at 48.15 on Wednesday. Avery Dennison Corp has a 1-year low of $42.01 and a 1-year high of $52.24. The stock has a 50-day moving average of $48.64 and a 200-day moving average of $49.57. The company has a market cap of $4.513 billion and a price-to-earnings ratio of 23.32.
Avery Dennison Corp (NYSE:AVY) last announced its earnings results on Friday, July 25th. The company reported $0.80 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.80. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the company posted $0.71 earnings per share. Avery Dennison Corp’s revenue was up 4.1% compared to the same quarter last year. On average, analysts predict that Avery Dennison Corp will post $3.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Friday, August 29th.
In other Avery Dennison Corp news, Insider Donald A. Nolan unloaded 31,973 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $47.98, for a total value of $1,534,064.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Avery Dennison Corporation (NYSE:AVY), is engaged in the production of pressure-sensitive materials, and a variety of tickets, tags, labels other converted products, and office and consumer products through embossing, printing, stamping and die-cutting.
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