Avery Dennison (NYSE:AVY) Price Target Raised to $208.00 at Bank of America

Avery Dennison (NYSE:AVY - Free Report) had its price objective hoisted by Bank of America from $195.00 to $208.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company's stock.

AVY has been the subject of several other research reports. Jefferies Financial Group assumed coverage on Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target for the company. Truist Financial dropped their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. UBS Group lowered their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Raymond James Financial cut their price objective on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $198.60.

Avery Dennison Price Performance

Shares of NYSE:AVY traded up $2.42 during midday trading on Wednesday, hitting $185.94. 197,495 shares of the stock were exchanged, compared to its average volume of 647,752. Avery Dennison has a twelve month low of $157.00 and a twelve month high of $233.48. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.19. The company has a 50 day moving average price of $178.13 and a 200-day moving average price of $179.98. The stock has a market cap of $14.54 billion, a P/E ratio of 21.43, a PEG ratio of 2.92 and a beta of 0.87.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.32 by ($0.02). Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. The business had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.15 billion. During the same period last year, the company earned $2.29 EPS. The firm's revenue for the quarter was down .1% on a year-over-year basis. On average, research analysts forecast that Avery Dennison will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

Institutional Trading of Avery Dennison

A number of institutional investors and hedge funds have recently made changes to their positions in AVY. HBK Sorce Advisory LLC raised its holdings in shares of Avery Dennison by 0.5% in the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock worth $2,220,000 after purchasing an additional 58 shares during the period. Baker Avenue Asset Management LP increased its position in Avery Dennison by 5.7% during the 4th quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock worth $206,000 after purchasing an additional 59 shares in the last quarter. Grove Bank & Trust raised its holdings in Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after buying an additional 59 shares during the period. Smith Moore & CO. lifted its position in Avery Dennison by 1.4% during the fourth quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock valued at $883,000 after buying an additional 63 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Avery Dennison by 22.5% during the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock worth $74,000 after buying an additional 73 shares during the period. 94.17% of the stock is currently owned by institutional investors and hedge funds.

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.