Avery Dennison (NYSE:AVY) Price Target Cut to $194.00 by Analysts at Raymond James

Avery Dennison (NYSE:AVY - Free Report) had its price objective lowered by Raymond James from $208.00 to $194.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company's stock.

AVY has been the topic of several other reports. Robert W. Baird set a $220.00 price objective on Avery Dennison in a research note on Friday, January 31st. Barclays cut their target price on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Citigroup decreased their price target on Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Truist Financial reduced their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, UBS Group dropped their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Avery Dennison has an average rating of "Moderate Buy" and a consensus target price of $209.80.

Avery Dennison Price Performance

NYSE AVY traded down $3.14 during trading on Tuesday, hitting $170.48. 694,913 shares of the stock traded hands, compared to its average volume of 593,427. The company has a market capitalization of $13.39 billion, a P/E ratio of 19.55, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. Avery Dennison has a 12-month low of $157.00 and a 12-month high of $233.48. The firm has a 50-day simple moving average of $176.49 and a 200-day simple moving average of $189.62. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. The business had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2.15 billion. As a group, analysts predict that Avery Dennison will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a $0.94 dividend. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Wednesday, June 4th. Avery Dennison's dividend payout ratio (DPR) is presently 43.32%.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the completion of the sale, the chairman now owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avery Dennison

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in Avery Dennison during the 4th quarter worth approximately $188,643,000. GAMMA Investing LLC increased its stake in shares of Avery Dennison by 19,370.0% in the first quarter. GAMMA Investing LLC now owns 428,730 shares of the industrial products company's stock worth $76,301,000 after acquiring an additional 426,528 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Avery Dennison during the fourth quarter worth $51,521,000. Ameriprise Financial Inc. boosted its holdings in Avery Dennison by 12.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock valued at $409,014,000 after purchasing an additional 250,359 shares during the last quarter. Finally, Johnson Investment Counsel Inc. grew its position in Avery Dennison by 1,305.6% during the 1st quarter. Johnson Investment Counsel Inc. now owns 264,452 shares of the industrial products company's stock worth $47,065,000 after purchasing an additional 245,638 shares during the period. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Company Profile

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.