Avery Dennison (NYSE:AVY) Stock Rating Cut to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Avery Dennison from “Buy” to “Hold.” Despite the cut, analyst consensus remains “Moderate Buy,” with an average price target of $201.10.
• Avery Dennison beat quarterly expectations, reporting adjusted earnings of $2.42 per share versus $2.32 expected and revenue of $2.33 billion versus $2.26 billion expected. Revenue rose 5.2% year over year.
• Directors and executives disclosed recent stock sales, including director Andres Alberto Lopez’s sale of 4,000 shares; insiders own 0.81% of the company’s stock.

Avery Dennison (NYSE:AVY - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

AVY has been the subject of several other reports. Truist Financial lowered their price objective on Avery Dennison from $209.00 to $208.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Jefferies Financial Group reissued a "hold" rating and issued a $181.00 price objective on shares of Avery Dennison in a research note on Monday, September 28th. UBS Group upped 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, October 30th. Citigroup raised their target price on Avery Dennison from $186.00 to $191.00 and gave the stock a "neutral" rating in a research note on Monday, November 2nd. Finally, Bank of America reiterated a "buy" rating on shares of Avery Dennison in a report on Friday, August 14th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Avery Dennison currently has an average rating of "Moderate Buy" and a consensus target price of $201.10.

Avery Dennison Trading Down 1.5%

NYSE:AVY opened at $186.81 on Friday. The firm's fifty day moving average is $174.92 and its 200-day moving average is $172.32. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.80 and a current ratio of 1.16. Avery Dennison has a 52 week low of $152.42 and a 52 week high of $199.54. The firm has a market cap of $14.11 billion, a P/E ratio of 20.22, a P/E/G ratio of 2.20 and a beta of 0.77.

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

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Director Andres Alberto Lopez sold 4,000 shares of the firm's stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $193.80, for a total value of $775,200.00. Following the completion of the sale, the director directly owned 1,147 shares in the company, valued at approximately $222,288.60. This trade represents a 77.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Nicholas Colisto sold 3,886 shares of the firm'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 completion of the sale, the senior vice president 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 SEC filing for this sale provides additional information. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Avery Dennison

Several large investors have recently made changes to their positions in AVY. BlackRock Inc. bought a new position in Avery Dennison in the second quarter worth approximately $1,052,464,000. Wellington Management Group LLP grew its stake in Avery Dennison by 9.1% in the second quarter. Wellington Management Group LLP now owns 5,788,479 shares of the industrial products company's stock valued at $939,760,000 after acquiring an additional 482,054 shares during the period. Ninety One UK Ltd bought a new stake in shares of Avery Dennison during the third quarter valued at approximately $341,344,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Avery Dennison by 2,376.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 984,976 shares of the industrial products company's stock valued at $168,106,000 after acquiring an additional 945,195 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Avery Dennison by 1.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 956,886 shares of the industrial products company's stock valued at $155,350,000 after acquiring an additional 17,769 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Company Profile

Avery Dennison is a global materials science and digital identification solutions company. Its products include pressure-sensitive labels and adhesives, packaging materials, and graphic films used in applications such as product labeling, vehicle graphics, and building signage.

The company also develops technologies that help businesses identify and track products, including RFID inlays and tags, which can support inventory management and supply-chain visibility. Its solutions serve customers across industries such as apparel, food and beverage, logistics, healthcare, and retail.

Founded in 1935 by R.

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