Avery Dennison (AVY) Lowered to “Hold” at Zacks Investment Research
Avery Dennison (NYSE:AVY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Avery Dennison's earnings per share guidance range for 2017 is $4.90-$4.95. The midpoint of the guidance range reflects year-over-year growth of 23%. The company expected reported sales growth in the range of 8% for the full year. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Focus on productivity, acquisitions, aggressive cost control and share repurchases will also drive results. Its segments remain well poised for growth. Moreover, its shares have outperformed the industry year to date. However, raw material cost inflation and transition costs related to Yongle acquisition will dent margins in the near term. The company has a positive record of earnings surprises. Its estimates have gone up lately.”
Other research analysts have also issued reports about the company. Robert W. Baird restated a “buy” rating and issued a $115.00 target price on shares of Avery Dennison in a research note on Friday, October 27th. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Monday, October 30th. Loop Capital began coverage on Avery Dennison in a research note on Thursday, September 28th. They set a “hold” rating and a $99.00 price objective for the company. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating in a research note on Thursday, October 26th. Finally, Barclays raised their target price on Avery Dennison from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Avery Dennison currently has a consensus rating of “Buy” and a consensus price target of $110.83.
Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. equities analysts predict that Avery Dennison will post 4.93 earnings per share for the current year.
In other news, Chairman Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the completion of the sale, the chairman now directly owns 94,042 shares in the company, valued at approximately $9,831,150.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Susan C. Miller sold 6,518 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $105.17, for a total value of $685,498.06. Following the sale, the vice president now owns 13,409 shares of the company’s stock, valued at $1,410,224.53. The disclosure for this sale can be found here. Insiders sold a total of 154,604 shares of company stock valued at $16,475,271 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. ETRADE Capital Management LLC raised its holdings in shares of Avery Dennison by 12.8% during the 3rd quarter. ETRADE Capital Management LLC now owns 20,961 shares of the industrial products company’s stock worth $2,061,000 after buying an additional 2,377 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Avery Dennison by 24.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 501,062 shares of the industrial products company’s stock worth $44,279,000 after acquiring an additional 98,593 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Avery Dennison by 2.2% in the second quarter. JPMorgan Chase & Co. now owns 585,504 shares of the industrial products company’s stock worth $51,742,000 after acquiring an additional 12,873 shares in the last quarter. AXA boosted its holdings in Avery Dennison by 35.1% in the second quarter. AXA now owns 277,856 shares of the industrial products company’s stock worth $24,554,000 after acquiring an additional 72,200 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Avery Dennison by 35.2% in the second quarter. Royal Bank of Canada now owns 303,255 shares of the industrial products company’s stock worth $26,798,000 after acquiring an additional 78,937 shares in the last quarter. 84.82% of the stock is owned by institutional investors.
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About Avery Dennison
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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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