JPMorgan Chase & Co. Upgrades Avery Dennison (AVY) to Neutral
JPMorgan Chase & Co. upgraded shares of Avery Dennison (NYSE:AVY) from an underweight rating to a neutral rating in a research note published on Monday morning, MarketBeat reports.
Several other research firms also recently commented on AVY. Zacks Investment Research upgraded shares of Avery Dennison from a hold rating to a buy rating and set a $136.00 price objective for the company in a research note on Monday, January 22nd. UBS Group began coverage on shares of Avery Dennison in a research report on Thursday, January 18th. They set a buy rating and a $135.00 target price for the company. Bank of America boosted their target price on shares of Avery Dennison from $128.00 to $133.00 and gave the company a buy rating in a research report on Thursday, February 1st. Barclays boosted their target price on shares of Avery Dennison from $105.00 to $120.00 and gave the company an overweight rating in a research report on Monday, October 30th. Finally, KeyCorp restated a hold rating on shares of Avery Dennison in a research report on Monday, October 30th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Avery Dennison presently has a consensus rating of Buy and an average price target of $122.75.
Shares of Avery Dennison (NYSE AVY) opened at $115.65 on Monday. Avery Dennison has a one year low of $78.47 and a one year high of $123.67. The company has a current ratio of 1.13, a quick ratio of 0.83 and a debt-to-equity ratio of 1.26. The company has a market cap of $9,812.53, a price-to-earnings ratio of 22.25, a PEG ratio of 2.71 and a beta of 1.20.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, March 7th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, March 6th. This represents a $1.80 dividend on an annualized basis and a yield of 1.56%. Avery Dennison’s dividend payout ratio is presently 57.51%.
In related news, CAO Lori J. Bondar sold 10,855 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the completion of the transaction, the chief accounting officer now directly owns 18,556 shares in the company, valued at $2,057,489.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter K. Barker sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $114.76, for a total transaction of $229,520.00. Following the transaction, the director now owns 26,703 shares of the company’s stock, valued at $3,064,436.28. The disclosure for this sale can be found here. Insiders have sold 16,855 shares of company stock valued at $1,866,802 over the last 90 days. 1.40% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. ETRADE Capital Management LLC raised its position in shares of Avery Dennison by 12.8% in the third quarter. ETRADE Capital Management LLC now owns 20,961 shares of the industrial products company’s stock worth $2,061,000 after acquiring an additional 2,377 shares during the period. Piedmont Investment Advisors LLC raised its position in shares of Avery Dennison by 77.6% in the third quarter. Piedmont Investment Advisors LLC now owns 44,577 shares of the industrial products company’s stock worth $4,384,000 after acquiring an additional 19,479 shares during the period. KAMES CAPITAL plc acquired a new position in shares of Avery Dennison in the fourth quarter worth about $71,586,000. Aurora Investment Counsel acquired a new position in shares of Avery Dennison in the fourth quarter worth about $565,000. Finally, IFM Investors Pty Ltd acquired a new position in shares of Avery Dennison in the third quarter worth about $317,000. Institutional investors and hedge funds own 85.62% of the company’s stock.
Avery Dennison Company Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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