Avery Dennison (NYSE:AVY) Sets New 1-Year Low – Here’s What Happened

Avery Dennison Co. (NYSE:AVY) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $173.02 and last traded at $173.69, with a volume of 140355 shares. The stock had previously closed at $177.05.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Barclays decreased their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Robert W. Baird set a $220.00 price target on Avery Dennison in a report on Friday, January 31st. UBS Group cut their price objective on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Truist Financial reiterated a “buy” rating and issued a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Finally, Bank of America reduced their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $222.51.

Avery Dennison Price Performance

The firm has a market cap of $13.79 billion, a price-to-earnings ratio of 20.03, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The stock’s fifty day moving average price is $184.59 and its 200-day moving average price is $198.04. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Equities research analysts predict that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Wednesday, March 5th. Avery Dennison’s dividend payout ratio is 40.37%.

Insider Transactions at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,068 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $186.19, for a total value of $1,502,180.92. Following the completion of the sale, the chairman now owns 316,300 shares in the company, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

A number of institutional investors have recently added to or reduced their stakes in AVY. Wealth Enhancement Advisory Services LLC increased its holdings in Avery Dennison by 9.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,968 shares of the industrial products company’s stock valued at $2,240,000 after purchasing an additional 1,053 shares in the last quarter. Mattson Financial Services LLC increased its stake in shares of Avery Dennison by 14.1% in the fourth quarter. Mattson Financial Services LLC now owns 7,284 shares of the industrial products company’s stock valued at $1,363,000 after buying an additional 898 shares in the last quarter. Copley Financial Group Inc. bought a new position in shares of Avery Dennison in the fourth quarter valued at about $434,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Avery Dennison during the 4th quarter worth about $21,241,000. Finally, Jefferies Financial Group Inc. bought a new stake in Avery Dennison during the 4th quarter worth about $543,000. 94.17% of the stock is owned by institutional investors and hedge funds.

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.