Citigroup Cuts Avery Dennison (NYSE:AVY) Price Target to $202.00

Avery Dennison (NYSE:AVY) had its price objective trimmed by Citigroup from $228.00 to $202.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

AVY has been the subject of several other research reports. Truist Financial decreased their price target on Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a research note on Monday. BMO Capital Markets decreased their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Bank of America decreased their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. Finally, StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $237.60.

Avery Dennison Price Performance

Shares of AVY opened at $187.67 on Monday. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48. The business has a 50-day simple moving average of $197.43 and a two-hundred day simple moving average of $209.45. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a market cap of $15.08 billion, a PE ratio of 22.53, a PEG ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.10 earnings per share. Analysts anticipate that Avery Dennison will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a $0.88 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.88%. Avery Dennison’s payout ratio is currently 42.26%.

Insiders Place Their Bets

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the transaction, the senior vice president now owns 7,126 shares in the company, valued at approximately $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVY. Intech Investment Management LLC lifted its holdings in shares of Avery Dennison by 3.3% in the second quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock valued at $341,000 after purchasing an additional 50 shares in the last quarter. Empirical Finance LLC lifted its holdings in shares of Avery Dennison by 2.0% in the third quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company’s stock valued at $623,000 after purchasing an additional 55 shares in the last quarter. Procyon Advisors LLC lifted its holdings in shares of Avery Dennison by 4.0% in the third quarter. Procyon Advisors LLC now owns 1,442 shares of the industrial products company’s stock valued at $319,000 after purchasing an additional 56 shares in the last quarter. Lindenwold Advisors INC lifted its holdings in shares of Avery Dennison by 0.6% in the third quarter. Lindenwold Advisors INC now owns 10,266 shares of the industrial products company’s stock valued at $2,266,000 after purchasing an additional 59 shares in the last quarter. Finally, Cynosure Group LLC lifted its holdings in shares of Avery Dennison by 3.6% in the third quarter. Cynosure Group LLC now owns 1,712 shares of the industrial products company’s stock valued at $378,000 after purchasing an additional 59 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Company Profile

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.