Avery Dennison (NYSE:AVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $136.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.65% from the company’s current price.
According to Zacks, “Avery Dennison projects adjusted earnings per share guidance in the range of $4.90-$4.95 for fiscal 2017. 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. The company has a positive record of earnings surprises in the last few quarters. “
A number of other analysts have also weighed in on the company. UBS Group began coverage on Avery Dennison in a research report on Thursday. They set a “buy” rating and a $135.00 price objective on the stock. Barclays upped their price objective on Avery Dennison from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research note on Monday, October 30th. Robert W. Baird reiterated a “buy” rating and set a $115.00 target price on shares of Avery Dennison in a research note on Friday, October 27th. Finally, Loop Capital boosted their target price on shares of Avery Dennison from $99.00 to $106.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $116.57.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. equities research analysts expect that Avery Dennison will post 4.93 EPS for the current year.
In related news, Chairman Dean A. Scarborough sold 10,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the completion of the transaction, the chairman now owns 94,042 shares in the company, valued at $9,831,150.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Peter K. Barker sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $114.76, for a total transaction of $229,520.00. Following the transaction, the director now owns 26,703 shares of the company’s stock, valued at approximately $3,064,436.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 154,604 shares of company stock valued at $16,475,271. Insiders own 1.40% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. West Oak Capital LLC boosted its stake in Avery Dennison by 114.3% in the fourth quarter. West Oak Capital LLC now owns 1,500 shares of the industrial products company’s stock valued at $172,000 after acquiring an additional 800 shares in the last quarter. Univest Corp of Pennsylvania acquired a new position in Avery Dennison in the fourth quarter valued at $205,000. Conning Inc. acquired a new position in Avery Dennison in the third quarter valued at $200,000. Davidson & Garrard Inc. acquired a new position in Avery Dennison in the third quarter valued at $202,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Avery Dennison in the third quarter valued at $213,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.
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Avery Dennison 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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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