Avery Dennison (AVY) Lifted to Buy at Zacks Investment Research
Avery Dennison (NYSE:AVY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $122.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.90% from the company’s current price.
According to Zacks, “Avery Dennison guides earnings per share at $5.85-$6.05 for fiscal 2018. The mid-point of the range reflects year-over-year growth of 19%. Focus on productivity, acquisitions, aggressive cost control and share repurchases will drive the company's results. Moreover, its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Avery Dennison initiated a restructuring plan associated with the consolidation of the European footprint of its Label and Graphic Materials segment to ensure continued high returns for the segment and improve its competitiveness. Its shares have outperformed the industry over a year's time. Its estimates have been going up lately. The company has a positive record of earnings surprises in the last few quarters.”
Other equities analysts also recently issued research reports about the stock. Barclays increased their price target on shares of Avery Dennison from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, February 12th. JPMorgan Chase upgraded shares of Avery Dennison from an “underweight” rating to a “neutral” rating in a report on Monday, February 12th. KeyCorp restated a “hold” rating on shares of Avery Dennison in a report on Wednesday, April 25th. BMO Capital Markets assumed coverage on shares of Avery Dennison in a report on Tuesday, March 27th. They set a “market perform” rating and a $120.00 target price for the company. Finally, Bank of America raised their target price on shares of Avery Dennison from $128.00 to $133.00 and gave the company a “buy” rating in a report on Thursday, February 1st. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $123.11.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.08. The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. Avery Dennison had a net margin of 4.32% and a return on equity of 44.21%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.11 EPS. research analysts anticipate that Avery Dennison will post 6.01 EPS for the current year.
In other Avery Dennison news, Director Dean A. Scarborough sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $110.48, for a total transaction of $3,314,400.00. Following the sale, the director now directly owns 136,953 shares of the company’s stock, valued at approximately $15,130,567.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Susan C. Miller sold 3,131 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $120.33, for a total transaction of $376,753.23. Following the sale, the vice president now directly owns 29,257 shares in the company, valued at $3,520,494.81. The disclosure for this sale can be found here. Insiders have sold a total of 163,639 shares of company stock valued at $17,963,034 over the last 90 days. 1.30% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in AVY. Atria Investments LLC boosted its stake in shares of Avery Dennison by 9.6% during the 4th quarter. Atria Investments LLC now owns 7,195 shares of the industrial products company’s stock worth $826,000 after purchasing an additional 628 shares during the last quarter. Creative Planning boosted its stake in shares of Avery Dennison by 73.8% during the 4th quarter. Creative Planning now owns 9,185 shares of the industrial products company’s stock worth $1,055,000 after purchasing an additional 3,901 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Avery Dennison by 5.4% during the 4th quarter. Acadian Asset Management LLC now owns 107,735 shares of the industrial products company’s stock worth $12,375,000 after purchasing an additional 5,558 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Avery Dennison by 87.8% during the 4th quarter. State of Alaska Department of Revenue now owns 12,130 shares of the industrial products company’s stock worth $1,392,000 after purchasing an additional 5,670 shares during the last quarter. Finally, Univest Corp of Pennsylvania acquired a new stake in shares of Avery Dennison during the 4th quarter worth about $205,000. 85.41% of the stock is currently owned by 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. It also offers durable cast and reflective films.
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