Avery Dennison’s (AVY) Sector Weight Rating Reaffirmed at KeyCorp

Avery Dennison (NYSE:AVY)‘s stock had its “sector weight” rating reaffirmed by research analysts at KeyCorp in a research report issued on Sunday, MarketBeat reports. They currently have a $110.00 price objective on the industrial products company’s stock. KeyCorp’s target price points to a potential downside of 3.47% from the stock’s current price.

The analysts wrote, “We are downgrading shares of Avery Dennison (AVY) from the stock has comfortably exceeded our price target of $110, and we see limited upside from here. Since our upgrade on December 3, the shares are up 20% vs. the Containers & Packaging Index up 7%. While we remain quite comfortable with AVY’s long- term fundamentals compared to the broader packaging group, we think slowing global economic growth and AVY’s FX translation exposure will limit further share price upside from here.””

A number of other equities analysts also recently issued reports on the stock. Citigroup cut their price objective on shares of Avery Dennison from $122.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, January 7th. Zacks Investment Research cut shares of Avery Dennison from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. 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. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and set a $105.00 target price for the company. in a report on Friday, March 15th. They noted that the move was a valuation call. Finally, UBS Group set a $125.00 price target on Avery Dennison and gave the company a “buy” rating in a research report on Friday, January 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $118.44.

NYSE:AVY traded down $0.08 during mid-day trading on Friday, reaching $113.96. The stock had a trading volume of 14,192 shares, compared to its average volume of 587,927. Avery Dennison has a 12 month low of $82.89 and a 12 month high of $116.35. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 18.82, a price-to-earnings-growth ratio of 2.48 and a beta of 1.39. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.15 and a quick ratio of 0.83.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, January 30th. The industrial products company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.02. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Avery Dennison had a return on equity of 52.22% and a net margin of 6.53%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.33 earnings per share. As a group, analysts anticipate that Avery Dennison will post 6.56 EPS for the current fiscal year.

In related news, Director Julia A. Stewart sold 5,027 shares of the company’s stock in a transaction on Friday, February 1st. The stock was sold at an average price of $104.19, for a total value of $523,763.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Georges Gravanis sold 14,000 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $110.66, for a total value of $1,549,240.00. Following the completion of the sale, the insider now directly owns 13,898 shares in the company, valued at $1,537,952.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 235,664 shares of company stock valued at $25,593,024. 1.30% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Fort L.P. boosted its holdings in Avery Dennison by 2.1% in the fourth quarter. Fort L.P. now owns 4,939 shares of the industrial products company’s stock worth $444,000 after acquiring an additional 101 shares in the last quarter. American International Group Inc. boosted its position in shares of Avery Dennison by 0.3% during the fourth quarter. American International Group Inc. now owns 34,688 shares of the industrial products company’s stock valued at $3,116,000 after buying an additional 113 shares during the last quarter. Brinker Capital Inc. increased its holdings in Avery Dennison by 2.3% in the 4th quarter. Brinker Capital Inc. now owns 5,329 shares of the industrial products company’s stock worth $479,000 after buying an additional 118 shares in the last quarter. Cigna Investments Inc. New raised its position in Avery Dennison by 5.1% in the 4th quarter. Cigna Investments Inc. New now owns 2,636 shares of the industrial products company’s stock worth $237,000 after buying an additional 128 shares during the last quarter. Finally, CSat Investment Advisory L.P. boosted its holdings in shares of Avery Dennison by 60.8% during the 4th quarter. CSat Investment Advisory L.P. now owns 341 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 87.97% of the company’s stock.

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. It also offers durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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