Avery Dennison (NYSE:AVY) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Avery Dennison (NYSE:AVY) in a research note released on Tuesday morning, MarketBeat.com reports. The firm issued a hold rating and a $175.00 price objective on the industrial products company’s stock.

Other equities analysts also recently issued reports about the company. Truist Financial reaffirmed a “buy” rating and set a $215.00 price target (down from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Barclays reduced their target price on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Robert W. Baird set a $220.00 price target on Avery Dennison in a report on Friday, January 31st. BMO Capital Markets set a $226.00 price objective on shares of Avery Dennison in a report on Monday, February 3rd. Finally, Bank of America lowered their target price on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.63.

Avery Dennison Price Performance

Shares of AVY stock opened at $173.62 on Tuesday. The stock’s 50-day moving average is $176.76 and its 200 day moving average is $190.10. Avery Dennison has a 1-year low of $157.00 and a 1-year high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The company has a market cap of $13.63 billion, a P/E ratio of 19.91, a PEG ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Research analysts predict that Avery Dennison will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 2.03%. Avery Dennison’s dividend payout ratio is presently 40.37%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now owns 303,331 shares of the company’s stock, valued at $55,160,742.35. The trade was a 4.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.84% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB increased its holdings in shares of Avery Dennison by 485.2% during the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock valued at $6,715,000 after purchasing an additional 29,541 shares in the last quarter. Meyer Handelman Co. purchased a new position in Avery Dennison in the fourth quarter valued at $4,263,000. JPMorgan Chase & Co. raised its position in shares of Avery Dennison by 12.4% in the third quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock worth $92,771,000 after acquiring an additional 46,390 shares during the period. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Avery Dennison during the 4th quarter worth about $218,000. Finally, Merit Financial Group LLC acquired a new stake in shares of Avery Dennison during the 4th quarter valued at about $203,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

About Avery Dennison

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.