Avery Dennison Corp. (AVY) Stock Rating Upgraded by Zacks Investment Research
Avery Dennison Corp. (NYSE:AVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $87.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.08% from the stock’s current price.
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.”
A number of other research firms have also recently commented on AVY. JPMorgan Chase & Co. cut Avery Dennison Corp. from an “overweight” rating to a “neutral” rating and set a $78.00 target price on the stock. in a research report on Thursday, May 26th. Bank of America Corp. cut Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 target price on the stock. in a research report on Friday, July 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Avery Dennison Corp. has an average rating of “Hold” and an average price target of $78.00.
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Shares of Avery Dennison Corp. (NYSE:AVY) traded down 0.30% during midday trading on Wednesday, reaching $77.39. The company’s stock had a trading volume of 111,324 shares. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 23.07 and a beta of 1.01. The stock’s 50 day moving average price is $77.46 and its 200 day moving average price is $74.53. Avery Dennison Corp. has a one year low of $55.29 and a one year high of $79.27.
Avery Dennison Corp. (NYSE:AVY) last posted its earnings results on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.08. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the firm earned $0.91 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts predict that Avery Dennison Corp. will post $3.94 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, September 2nd. Avery Dennison Corp.’s dividend payout ratio is currently 48.81%.
In other news, VP Anne Hill sold 11,567 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 36,280 shares in the company, valued at approximately $2,833,468. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Susan C. Miller sold 2,000 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 8,518 shares in the company, valued at $624,454.58. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Group LTD raised its stake in Avery Dennison Corp. by 7.5% in the first quarter. BlackRock Group LTD now owns 804,888 shares of the company’s stock valued at $58,039,000 after buying an additional 56,110 shares during the last quarter. Teachers Advisors Inc. raised its stake in Avery Dennison Corp. by 9.1% in the first quarter. Teachers Advisors Inc. now owns 396,956 shares of the company’s stock valued at $28,624,000 after buying an additional 33,049 shares during the last quarter. Morris Capital Advisors LLC purchased a new stake in Avery Dennison Corp. during the first quarter valued at approximately $594,000. CIBC World Markets Inc. purchased a new stake in Avery Dennison Corp. during the first quarter valued at approximately $1,509,000. Finally, Bowling Portfolio Management LLC raised its stake in Avery Dennison Corp. by 66.8% in the first quarter. Bowling Portfolio Management LLC now owns 71,806 shares of the company’s stock valued at $5,178,000 after buying an additional 28,745 shares during the last quarter. 89.50% of the stock is currently owned by hedge funds and other institutional investors.
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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