Bank of America Downgrades Avery Dennison (NYSE:AVY) to Neutral

Avery Dennison (NYSE:AVY) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, The Fly reports.

A number of other brokerages also recently issued reports on AVY. Zacks Investment Research downgraded Wix.Com from a “hold” rating to a “sell” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. set a €8.75 ($10.17) target price on Commerzbank and gave the stock a “buy” rating in a research note on Thursday, April 18th. KeyCorp reissued a “hold” rating on shares of Silgan in a research note on Wednesday, April 24th. Loop Capital downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. Finally, Citigroup increased their target price on Silgan from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $120.75.

Shares of AVY stock opened at $115.30 on Friday. The stock has a market cap of $9.67 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 2.12 and a beta of 1.35. The stock’s 50 day simple moving average is $110.93. Avery Dennison has a 12-month low of $82.89 and a 12-month high of $120.65. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 1.77.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.77 billion. Avery Dennison had a return on equity of 53.28% and a net margin of 2.74%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.44 EPS. Analysts expect that Avery Dennison will post 6.55 earnings per share for the current year.

In related news, Director Ken C. Hicks sold 9,691 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $110.10, for a total value of $1,066,979.10. Following the completion of the transaction, the director now directly owns 28,396 shares of the company’s stock, valued at approximately $3,126,399.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Lori J. Bondar sold 2,725 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $113.27, for a total value of $308,660.75. Following the completion of the transaction, the vice president now directly owns 18,041 shares of the company’s stock, valued at $2,043,504.07. The disclosure for this sale can be found here. Insiders sold a total of 17,416 shares of company stock valued at $1,933,140 over the last ninety days. 1.30% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CHURCHILL MANAGEMENT Corp increased its position in Avery Dennison by 23.2% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 29,209 shares of the industrial products company’s stock worth $3,379,000 after buying an additional 5,493 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its position in Avery Dennison by 83.9% during the second quarter. Campbell & CO Investment Adviser LLC now owns 3,599 shares of the industrial products company’s stock worth $416,000 after buying an additional 1,642 shares in the last quarter. Retirement Systems of Alabama increased its position in Avery Dennison by 0.7% during the second quarter. Retirement Systems of Alabama now owns 39,366 shares of the industrial products company’s stock worth $4,554,000 after buying an additional 261 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Avery Dennison by 3.3% during the second quarter. Crossmark Global Holdings Inc. now owns 6,912 shares of the industrial products company’s stock worth $800,000 after buying an additional 221 shares in the last quarter. Finally, Private Trust Co. NA increased its position in Avery Dennison by 4.1% during the second quarter. Private Trust Co. NA now owns 10,848 shares of the industrial products company’s stock worth $1,254,000 after buying an additional 428 shares in the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

About Avery Dennison

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.

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