Avery Dennison (NYSE:AVY) Downgraded to Neutral at Bank of America

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Avery Dennison (NYSE:AVY) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat Ratings reports. They currently have a $115.06 price target on the industrial products company’s stock. Bank of America‘s target price points to a potential upside of 1.39% from the stock’s previous close.

Several other equities research analysts have also weighed in on AVY. KeyCorp restated a “hold” rating on shares of Silgan in a report on Wednesday, April 24th. Citigroup boosted their target price on Silgan from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Thursday. Loop Capital lowered Avery Dennison from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. They noted that the move was a valuation call. JPMorgan Chase & Co. set a €8.75 ($10.17) target price on Commerzbank and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Zacks Investment Research lowered Wix.Com from a “hold” rating to a “sell” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Avery Dennison currently has an average rating of “Hold” and a consensus target price of $119.38.

AVY opened at $113.48 on Friday. The stock has a 50 day moving average of $111.20. Avery Dennison has a twelve month low of $82.89 and a twelve month high of $120.65. The company has a current ratio of 1.14, a quick ratio of 0.80 and a debt-to-equity ratio of 1.77. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 18.57, a P/E/G ratio of 2.10 and a beta of 1.35.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.02. Avery Dennison had a return on equity of 53.28% and a net margin of 2.74%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company earned $1.44 EPS. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, research analysts expect that Avery Dennison will post 6.56 EPS for the current year.

In other Avery Dennison news, VP Lori J. Bondar sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $111.50, for a total value of $557,500.00. Following the transaction, the vice president now directly owns 22,428 shares of the company’s stock, valued at approximately $2,500,722. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $110.10, for a total value of $1,066,979.10. Following the completion of the transaction, the director now directly owns 28,396 shares in the company, valued at $3,126,399.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,416 shares of company stock worth $1,933,140. Company insiders own 1.30% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Horizon Investments LLC bought a new position in Avery Dennison in the 1st quarter worth approximately $271,000. Gotham Asset Management LLC increased its position in shares of Avery Dennison by 457.3% during the fourth quarter. Gotham Asset Management LLC now owns 68,168 shares of the industrial products company’s stock valued at $6,124,000 after purchasing an additional 55,937 shares during the period. Fenimore Asset Management Inc. increased its position in shares of Avery Dennison by 7.1% during the first quarter. Fenimore Asset Management Inc. now owns 576,491 shares of the industrial products company’s stock valued at $65,143,000 after purchasing an additional 38,207 shares during the period. Xact Kapitalforvaltning AB increased its position in shares of Avery Dennison by 9.8% during the first quarter. Xact Kapitalforvaltning AB now owns 17,022 shares of the industrial products company’s stock valued at $1,923,000 after purchasing an additional 1,526 shares during the period. Finally, New York State Common Retirement Fund increased its position in shares of Avery Dennison by 6.9% during the first quarter. New York State Common Retirement Fund now owns 213,000 shares of the industrial products company’s stock valued at $24,069,000 after purchasing an additional 13,685 shares during the period. 88.12% of the stock is currently owned by institutional investors.

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, as well as durable cast and reflective films.

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Analyst Recommendations for Avery Dennison (NYSE:AVY)

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