Citigroup Issues Pessimistic Forecast for Avery Dennison (NYSE:AVY) Stock Price

Avery Dennison (NYSE:AVY) had its target price reduced by research analysts at Citigroup from $228.00 to $202.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price objective would suggest a potential upside of 7.33% from the company’s previous close.

Several other research firms have also recently weighed in on AVY. Bank of America reduced their price objective on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Truist Financial cut their price objective on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a research report on Monday. Barclays decreased their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $237.60.

Avery Dennison Stock Up 1.7 %

Shares of NYSE:AVY traded up $3.11 during trading on Monday, hitting $188.20. 780,392 shares of the company’s stock traded hands, compared to its average volume of 680,007. The company has a 50-day moving average price of $198.61 and a 200-day moving average price of $210.15. Avery Dennison has a 52 week low of $181.99 and a 52 week high of $233.48. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The company has a market cap of $15.12 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 earnings per share. As a group, research analysts forecast that Avery Dennison will post 9.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the sale, the senior vice president now owns 7,126 shares in the company, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

Several hedge funds have recently bought and sold shares of AVY. Private Advisor Group LLC increased its position in Avery Dennison by 1.8% during the 2nd quarter. Private Advisor Group LLC now owns 12,160 shares of the industrial products company’s stock worth $2,659,000 after buying an additional 220 shares during the period. Acadian Asset Management LLC boosted its holdings in Avery Dennison by 3,517.1% in the 2nd quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock valued at $17,701,000 after purchasing an additional 78,748 shares during the period. Caprock Group LLC boosted its holdings in Avery Dennison by 15.9% in the 2nd quarter. Caprock Group LLC now owns 1,176 shares of the industrial products company’s stock valued at $257,000 after purchasing an additional 161 shares during the period. Varma Mutual Pension Insurance Co acquired a new position in shares of Avery Dennison during the 2nd quarter worth approximately $9,802,000. Finally, Oak Thistle LLC bought a new position in shares of Avery Dennison during the second quarter worth approximately $484,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

About Avery Dennison

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.