Avery Dennison (NYSE:AVY) Given New $253.00 Price Target at Truist Financial

Avery Dennison (NYSE:AVY) had its price target hoisted by Truist Financial from $248.00 to $253.00 in a report released on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

Several other equities research analysts also recently weighed in on the company. Raymond James reaffirmed an outperform rating and issued a $240.00 target price (up previously from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Robert W. Baird upped their price target on Avery Dennison from $215.00 to $230.00 and gave the stock an outperform rating in a report on Thursday, April 25th. Citigroup increased their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the company a neutral rating in a research report on Thursday, April 4th. StockNews.com raised shares of Avery Dennison from a hold rating to a buy rating in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an overweight rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Avery Dennison presently has an average rating of Moderate Buy and an average target price of $224.00.

Avery Dennison Stock Down 0.3 %

AVY opened at $218.39 on Friday. Avery Dennison has a 1 year low of $158.93 and a 1 year high of $225.26. The firm has a 50 day moving average price of $215.91 and a 200 day moving average price of $200.82. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. The company has a market cap of $17.58 billion, a PE ratio of 31.88, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.16. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 earnings per share. Sell-side analysts expect that Avery Dennison will post 9.26 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.61%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend is Wednesday, June 5th. Avery Dennison’s dividend payout ratio is 47.30%.

Insider Transactions at Avery Dennison

In other news, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the transaction, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of Avery Dennison stock in a transaction on Monday, February 26th. The shares were sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the business’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the sale, the insider now owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,879 shares of company stock valued at $4,217,705. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. grew its stake in Avery Dennison by 22.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock worth $487,857,000 after buying an additional 493,857 shares during the last quarter. Morgan Stanley increased its holdings in shares of Avery Dennison by 55.7% in the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock worth $326,673,000 after acquiring an additional 639,521 shares during the period. Cerity Partners LLC lifted its position in Avery Dennison by 4,159.9% in the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after purchasing an additional 1,163,264 shares during the last quarter. Truist Financial Corp boosted its stake in Avery Dennison by 5.5% during the 3rd quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock valued at $200,302,000 after purchasing an additional 57,106 shares during the period. Finally, Boston Partners grew its position in Avery Dennison by 43.9% in the 3rd quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock worth $184,026,000 after purchasing an additional 307,325 shares during the last quarter. 94.17% of the stock is 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.