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.
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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