Avery Dennison (NYSE:AVY) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised Avery Dennison’s price target to $191 from $186 while maintaining a “neutral” rating, implying 2.75% upside from the previous close.
• Analyst sentiment is generally positive, with six “buy” ratings and three “hold” ratings producing a consensus “Moderate Buy” rating and an average price target of $201.10.
• Avery Dennison reported quarterly EPS of $2.42, beating estimates of $2.32, while revenue rose 5.2% year over year to $2.33 billion. Shares traded at $185.90, near the upper end of their 52-week range.

Avery Dennison (NYSE:AVY - Get Free Report) had its price target raised by equities researchers at Citigroup from $186.00 to $191.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the industrial products company's stock. Citigroup's target price points to a potential upside of 2.75% from the stock's previous close.

AVY has been the topic of several other reports. Truist Financial reduced their price target on Avery Dennison from $209.00 to $208.00 and set a "buy" rating on the stock in a report on Monday, October 12th. UBS Group boosted their target price on Avery Dennison from $225.00 to $230.00 and gave the company a "buy" rating in a research report on Friday. Weiss Ratings raised shares of Avery Dennison from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $190.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Bank of America restated a "buy" rating on shares of Avery Dennison in a report on Friday, August 14th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $201.10.

Avery Dennison Stock Performance

NYSE AVY traded up $3.67 on Monday, hitting $185.90. 276,994 shares of the company traded hands, compared to its average volume of 740,566. The business's 50 day moving average price is $174.24 and its 200-day moving average price is $172.28. The company has a market capitalization of $14.09 billion, a price-to-earnings ratio of 20.11, a P/E/G ratio of 2.15 and a beta of 0.79. Avery Dennison has a 52-week low of $152.42 and a 52-week high of $199.54. The company has a current ratio of 1.16, a quick ratio of 0.80 and a debt-to-equity ratio of 1.33.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.32 by $0.10. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.26 billion. Avery Dennison had a net margin of 7.56% and a return on equity of 33.88%. The company's revenue was up 5.2% on a year-over-year basis. During the same period last year, the firm earned $2.37 EPS. Equities analysts expect that Avery Dennison will post 10.17 earnings per share for the current year.

Insider Transactions at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,886 shares of the business's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $170.68, for a total transaction of $663,262.48. Following the sale, the senior vice president directly owned 7,126 shares of the company's stock, valued at $1,216,265.68. The trade was a 35.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Ignacio J. Walker sold 1,742 shares of Avery Dennison stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $171.61, for a total transaction of $298,944.62. Following the completion of the transaction, the senior vice president directly owned 7,585 shares in the company, valued at approximately $1,301,661.85. This trade represents a 18.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.81% of the company's stock.

Institutional Investors Weigh In On Avery Dennison

Hedge funds have recently bought and sold shares of the company. Chicago Partners Investment Group LLC lifted its stake in Avery Dennison by 39.5% during the third quarter. Chicago Partners Investment Group LLC now owns 4,672 shares of the industrial products company's stock worth $850,000 after purchasing an additional 1,323 shares during the period. Covestor Ltd grew its holdings in Avery Dennison by 47.4% during the 3rd quarter. Covestor Ltd now owns 454 shares of the industrial products company's stock worth $78,000 after acquiring an additional 146 shares during the period. Ascent Group LLC acquired a new stake in Avery Dennison during the 3rd quarter worth $206,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Avery Dennison in the 3rd quarter valued at $3,474,000. Finally, ProShare Advisors LLC grew its holdings in Avery Dennison by 8.4% during the third quarter. ProShare Advisors LLC now owns 16,972 shares of the industrial products company's stock valued at $2,897,000 after purchasing an additional 1,321 shares during the period. 94.17% of the stock is currently owned by institutional investors.

About Avery Dennison

Avery Dennison Corporation NYSE: AVY is a global materials science and manufacturing company that develops and produces labeling, packaging, graphic, and functional materials. Its products are used by businesses across industries including consumer goods, retail, logistics, apparel, automotive, healthcare, and industrial manufacturing.

The company's offerings include pressure-sensitive labels and label materials, adhesives, industrial and specialty tapes, graphic films, and packaging materials.

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