Avery Dennison (AVY) Raised to “Hold” at Zacks Investment Research
Avery Dennison (NYSE:AVY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “For 2018, Avery Dennison maintained adjusted earnings per share guidance of $5.95-$6.10 and organic sales growth of around 5.5%. Avery Dennison will benefit from focus on pricing actions, restructuring activities and execution of strategies. Acquisitions and strong presence in emerging markets will also drive growth. Over the past year, the stock has outperformed its industry. However, its earnings will be impacted by charges regarding the termination of pension plan. Further, the Industrial and Healthcare Materials (IHM) segment’s results will be hurt by softness in the China automotive market. Negative impact of currency translation will also impede growth.”
AVY has been the subject of a number of other reports. JPMorgan Chase & Co. upgraded Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $110.00 to $105.00 in a research note on Wednesday, October 24th. Citigroup decreased their price objective on Avery Dennison from $130.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, October 11th. Loop Capital set a $124.00 price objective on Avery Dennison and gave the stock a “buy” rating in a research note on Thursday, October 11th. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Tuesday, October 23rd. Finally, Bank of America upped their price objective on Avery Dennison from $114.00 to $126.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Avery Dennison currently has a consensus rating of “Buy” and an average target price of $120.25.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, October 23rd. The industrial products company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.02). The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Avery Dennison had a return on equity of 49.86% and a net margin of 4.36%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.26 earnings per share. As a group, equities research analysts anticipate that Avery Dennison will post 6.04 earnings per share for the current fiscal year.
In other Avery Dennison news, Director Anthony Anderson sold 1,275 shares of the stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $104.75, for a total value of $133,556.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in AVY. JPMorgan Chase & Co. raised its stake in Avery Dennison by 55.8% in the third quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock valued at $196,147,000 after buying an additional 648,126 shares during the last quarter. Point72 Asset Management L.P. raised its stake in Avery Dennison by 312.9% in the second quarter. Point72 Asset Management L.P. now owns 514,956 shares of the industrial products company’s stock valued at $52,577,000 after buying an additional 390,225 shares during the last quarter. State Treasurer State of Michigan raised its stake in Avery Dennison by 1,024.1% in the second quarter. State Treasurer State of Michigan now owns 291,426 shares of the industrial products company’s stock valued at $29,755,000 after buying an additional 265,500 shares during the last quarter. Nomura Holdings Inc. raised its stake in Avery Dennison by 1,767.3% in the second quarter. Nomura Holdings Inc. now owns 187,738 shares of the industrial products company’s stock valued at $19,168,000 after buying an additional 177,684 shares during the last quarter. Finally, Natixis purchased a new stake in Avery Dennison in the second quarter valued at about $15,143,000. Institutional investors own 83.76% 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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