Citigroup Issues Pessimistic Forecast for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY) had its price target lowered by Citigroup from $228.00 to $202.00 in a report issued on Monday,Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

A number of other analysts also recently commented on AVY. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Truist Financial decreased their target price on Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a research report on Monday. Bank of America decreased their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday. Barclays decreased their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, BMO Capital Markets decreased their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and a consensus target price of $237.60.

Avery Dennison Stock Performance

Shares of AVY opened at $187.67 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $15.08 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 1.52 and a beta of 0.89. The stock has a 50 day moving average of $197.43 and a 200 day moving average of $209.45. Avery Dennison has a 12 month low of $181.99 and a 12 month high of $233.48.

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

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Wednesday, December 4th. Avery Dennison’s dividend payout ratio is 42.26%.

Insider Activity at Avery Dennison

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

Institutional Investors Weigh In On Avery Dennison

Large investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC lifted its stake in Avery Dennison by 1.8% during the second quarter. Private Advisor Group LLC now owns 12,160 shares of the industrial products company’s stock worth $2,659,000 after purchasing an additional 220 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Avery Dennison by 3,517.1% in the second quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock worth $17,701,000 after buying an additional 78,748 shares during the period. Caprock Group LLC increased its holdings in shares of Avery Dennison by 15.9% in the second quarter. Caprock Group LLC now owns 1,176 shares of the industrial products company’s stock worth $257,000 after buying an additional 161 shares during the period. Varma Mutual Pension Insurance Co purchased a new position in shares of Avery Dennison in the second quarter worth about $9,802,000. Finally, Oak Thistle LLC purchased a new position in shares of Avery Dennison in the second quarter worth about $484,000. Institutional investors own 94.17% of the company’s stock.

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.