Brokerages Set Avery Dennison Corporation (NYSE:AVY) Price Target at $197.60

Key Points

• Avery Dennison Corporation has received a consensus rating of "Moderate Buy" from eleven brokerages, with an average 12-month target price of $197.60.
• Institutional investors have significantly increased their stakes in the company, with GAMMA Investing LLC raising its position by 19,370.0% in the first quarter.
• Avery Dennison recently reported earnings of $2.42 per share, exceeding expectations, although revenue showed a slight decline of 0.7% year-over-year.

Shares of Avery Dennison Corporation (NYSE:AVY - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eleven ratings firms that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $197.60.

Several equities research analysts have weighed in on AVY shares. Truist Financial cut their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Bank of America raised their price objective on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Jefferies Financial Group assumed coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective on the stock. Raymond James Financial raised their price objective on shares of Avery Dennison from $194.00 to $200.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, UBS Group dropped their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a report on Monday, April 7th.

Hedge Funds Weigh In On Avery Dennison

A number of hedge funds and other institutional investors have recently bought and sold shares of AVY. GAMMA Investing LLC lifted its holdings in shares of Avery Dennison by 19,370.0% during the first quarter. GAMMA Investing LLC now owns 428,730 shares of the industrial products company's stock worth $76,301,000 after buying an additional 426,528 shares in the last quarter. DAVENPORT & Co LLC increased its position in Avery Dennison by 905.0% during the first quarter. DAVENPORT & Co LLC now owns 324,095 shares of the industrial products company's stock worth $57,503,000 after acquiring an additional 291,848 shares during the period. Vanguard Group Inc. raised its stake in Avery Dennison by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 9,959,263 shares of the industrial products company's stock worth $1,772,450,000 after purchasing an additional 277,554 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Avery Dennison in the 4th quarter valued at about $51,521,000. Finally, Nuveen LLC acquired a new position in shares of Avery Dennison during the 1st quarter worth approximately $46,322,000. Institutional investors own 94.17% of the company's stock.

Avery Dennison Price Performance

Shares of AVY traded up $0.80 during mid-day trading on Monday, hitting $168.15. 537,564 shares of the company traded hands, compared to its average volume of 609,403. Avery Dennison has a one year low of $157.00 and a one year high of $224.38. The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of 18.87, a PEG ratio of 2.57 and a beta of 0.88. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average of $177.74 and a 200 day moving average of $178.41.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. During the same period last year, the firm earned $2.42 earnings per share. The business's revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts expect that Avery Dennison will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. Avery Dennison's dividend payout ratio (DPR) is presently 42.20%.

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.