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

Avery Dennison (NYSE:AVY) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, Marketbeat reports. They currently have a $115.06 target price on the industrial products company’s stock. Bank of America‘s price objective indicates a potential upside of 1.39% from the company’s current price.

A number of other brokerages have also commented on AVY. JPMorgan Chase & Co. set a €8.75 ($10.17) price target on Commerzbank and gave the company a “buy” rating in a report on Thursday, April 18th. Loop Capital lowered Avery Dennison from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. They noted that the move was a valuation call. KeyCorp reissued a “hold” rating on shares of Silgan in a report on Wednesday, April 24th. Zacks Investment Research lowered Wix.Com from a “hold” rating to a “sell” rating in a report on Monday, April 8th. Finally, Citigroup raised their price target on Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. Avery Dennison presently has a consensus rating of “Hold” and a consensus price target of $119.38.

AVY stock opened at $113.48 on Friday. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.14 and a quick ratio of 0.80. The company has a market capitalization of $9.58 billion, a PE ratio of 18.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.35. Avery Dennison has a 1 year low of $82.89 and a 1 year high of $120.65. The company has a fifty day moving average of $111.20.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.77 billion. Avery Dennison had a return on equity of 53.28% and a net margin of 2.74%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company earned $1.44 earnings per share. Analysts predict that Avery Dennison will post 6.56 EPS for the current fiscal year.

In related news, VP Lori J. Bondar sold 5,000 shares of Avery Dennison stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $111.50, for a total transaction of $557,500.00. Following the transaction, the vice president now directly owns 22,428 shares of the company’s stock, valued at $2,500,722. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction dated 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 transaction, the director now directly owns 28,396 shares in the company, valued at $3,126,399.60. The disclosure for this sale can be found here. Insiders have sold 17,416 shares of company stock worth $1,933,140 over the last three months. Corporate insiders own 1.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Boston Partners grew its holdings in Avery Dennison by 25.7% during the first quarter. Boston Partners now owns 1,635,444 shares of the industrial products company’s stock worth $184,805,000 after acquiring an additional 333,924 shares during the period. Victory Capital Management Inc. grew its holdings in Avery Dennison by 81,204.8% during the first quarter. Victory Capital Management Inc. now owns 1,048,832 shares of the industrial products company’s stock worth $118,518,000 after acquiring an additional 1,047,542 shares during the period. Principal Financial Group Inc. grew its holdings in Avery Dennison by 1.6% during the first quarter. Principal Financial Group Inc. now owns 1,014,222 shares of the industrial products company’s stock worth $114,608,000 after acquiring an additional 16,020 shares during the period. Northern Trust Corp grew its holdings in Avery Dennison by 0.3% during the first quarter. Northern Trust Corp now owns 1,008,401 shares of the industrial products company’s stock worth $113,949,000 after acquiring an additional 3,012 shares during the period. Finally, Neuberger Berman Group LLC grew its holdings in Avery Dennison by 88.9% during the first quarter. Neuberger Berman Group LLC now owns 899,365 shares of the industrial products company’s stock worth $101,628,000 after acquiring an additional 423,328 shares during the period. 88.12% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Company Profile

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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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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