Avery Dennison Corp. (AVY) Downgraded by Zacks Investment Research
Avery Dennison Corp. (NYSE:AVY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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 2016. Its endeavor to reduce fixed costs, localize material sourcing and responding more quickly to changes in customer needs will aid growth. The company's recent acquisition of Mactac will add capacity to support growth for both graphics and tapes. It will also gain from constant focus on productivity, capital discipline, execution of strategies, cost control and share repurchases. These are well reflected in the company’s positive record of earnings surprises in recent quarters. However, Avery Dennison anticipates that the negative impact of currency translation will reduce full year 2016 net sales by around 2.5% and pretax earnings by roughly $18 million. Challenging comparisons, weak demand in Europe and China also remain concerns.”
Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their price target on Avery Dennison Corp. from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Bank of America Corp. cut Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 price objective for the company. in a report on Friday, July 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $78.14.
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Shares of Avery Dennison Corp. (NYSE:AVY) traded up 0.523% during mid-day trading on Tuesday, hitting $77.855. The stock had a trading volume of 140,497 shares. The stock has a 50 day moving average price of $77.48 and a 200 day moving average price of $74.46. The firm has a market cap of $6.92 billion, a PE ratio of 23.206 and a beta of 1.01. Avery Dennison Corp. has a 52 week low of $55.29 and a 52 week high of $79.27.
Avery Dennison Corp. (NYSE:AVY) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.08. The business earned $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. Equities research analysts expect that Avery Dennison Corp. will post $3.94 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, September 2nd. This represents a $1.64 dividend on an annualized basis and a yield of 2.12%. Avery Dennison Corp.’s dividend payout ratio is currently 48.81%.
In related news, VP Anne Hill sold 11,567 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $78.10, for a total transaction of $903,382.70. Following the sale, the vice president now owns 36,280 shares in the company, valued at approximately $2,833,468. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Susan C. Miller sold 2,000 shares of the business’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $73.31, for a total value of $146,620.00. Following the sale, the vice president now owns 8,518 shares in the company, valued at approximately $624,454.58. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Opus Capital Group LLC raised its stake in shares of Avery Dennison Corp. by 0.9% in the second quarter. Opus Capital Group LLC now owns 3,295 shares of the company’s stock worth $246,000 after buying an additional 28 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of Avery Dennison Corp. by 0.8% in the second quarter. Baird Financial Group Inc. now owns 6,265 shares of the company’s stock worth $468,000 after buying an additional 50 shares in the last quarter. Gerstein Fisher raised its stake in shares of Avery Dennison Corp. by 1.0% in the second quarter. Gerstein Fisher now owns 6,948 shares of the company’s stock worth $519,000 after buying an additional 68 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Avery Dennison Corp. by 0.3% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,775 shares of the company’s stock worth $1,570,000 after buying an additional 75 shares in the last quarter. Finally, Norinchukin Bank The raised its stake in shares of Avery Dennison Corp. by 1.9% in the second quarter. Norinchukin Bank The now owns 4,677 shares of the company’s stock worth $350,000 after buying an additional 88 shares in the last quarter. Institutional investors and hedge funds own 89.65% of the company’s stock.
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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