On September 19, 2023, ProShare Advisors LLC announced that it had increased its stake in Avery Dennison Co. (NYSE:AVY) by 19.2% during the first quarter of the year. According to its Form 13F filed with the Securities and Exchange Commission, ProShare Advisors LLC now owns 20,898 shares of the industrial products company’s stock, following an additional purchase of 3,371 shares during the quarter. The total value of ProShare Advisors LLC’s holdings in Avery Dennison was reported to be $3,739,000 at the time of filing.
Avery Dennison (NYSE:AVY) recently released its quarterly earnings results on July 25th. The company reported earnings per share of $1.92 for the quarter, which fell short of analysts’ consensus estimates of $2.05 by ($0.13). Furthermore, Avery Dennison recorded revenue of $2.09 billion for the quarter, compared to a consensus estimate of $2.17 billion. These figures resulted in a decrease in revenue of 10.9% year-over-year.
Despite these challenges, Avery Dennison maintained a net margin of 6.66% and a return on equity of 31.13%. It is worth noting that during the same period last year, the company earned $2.64 earnings per share.
Equities research analysts predict that Avery Dennison Co will post an EPS (earnings per share) figure of 8.04 for the current year.
Avery Dennison Corporation
AVY
Strong Buy
Updated on: 05/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
September 19, 2023 – Avery Dennison Receives Mixed Ratings from Analysts, Witnesses Significant Insider Selling
September 19, 2023 – Avery Dennison Receives Mixed Ratings from Analysts, Witnesses Significant Insider Selling
Avery Dennison Co. (NYSE: AVY), a leading industrial products company, has recently attracted the attention of institutional investors and hedge funds. Various investment firms have been increasing or decreasing their stakes in the company, highlighting the ongoing market interest in Avery Dennison.
SouthState Corp, for instance, increased its holdings in Avery Dennison by an astounding 130.0% during the first quarter. The firm now owns 138 shares of the company’s stock valued at $25,000 after acquiring an additional 78 shares in the last quarter. Clear Street Markets LLC also elevated its stake by 92.7% during the same period and currently holds 158 shares worth $28,000.
Other notable investors entering the scene include Belpointe Asset Management LLC and Milestone Investment Advisors LLC. Belpointe Asset Management purchased a new position in Avery Dennison during the fourth quarter and it is currently valued at around $30,000 while Milestone Investment Advisors joined with a new position during the first quarter amounting to approximately $35,000. Eagle Bay Advisors LLC also acquired a fresh position worth around $33,000 during the second quarter.
Overall, institutional investors and hedge funds now own a significant 91.09% of Avery Dennison’s stock as per recent reports.
This surge in investor activity coincides with several research reports on Avery Dennison’s performance as of late. According to Truist Financial’s reissued “buy” rating released on Friday coupled with their price objective set at $215.00 for Avery Dennison shares highlights positive prospects for investors willing to buy into this industrial products company.
Conversely, StockNews.com has initiated coverage on Avery Dennison with a “hold” rating suggesting that investors may want to adopt a cautious stance regarding their holdings. Argus, on the other hand, has reduced their price target from $220.00 to $200.00 while maintaining an optimistic “buy” rating.
Further reinforcing this sense of cautious optimism, BMO Capital Markets has decreased Avery Dennison’s target price from $210.00 to $200.00 but reaffirmed their “outperform” rating for the company. Meanwhile, Citigroup raised their target price to $205.00 in a report published on July 26th.
With one analyst issuing a hold rating and seven analysts adopting a buy sentiment, consensus ratings from Bloomberg.com indicate a “Moderate Buy” stance for Avery Dennison shares with an average target price of $205.00.
In recent news regarding insider trading, Senior Vice President Ignacio J. Walker sold 403 shares of Avery Dennison stock on Tuesday, September 12th. Each share was sold at an average price of $180.33 for a total transaction value of $72,672.99. Following the completion of this sale, Walker now directly owns 11,102 shares in the company with an estimated value of approximately $2,002,023.66.
Additionally, Director Julia A. Stewart offloaded 5,633 shares on Monday, August 28th at an average price of $186.14 per share amounting to around $1,048,526.62 in total sales revenue for the director.
The recent insider selling activities contribute to a total of 10,836 shares being sold by insiders within the last three months with an approximate worth of $2,014,000 or approximately 1.10% of the overall stock currently owned by insiders.
As markets opened on Tuesday morning (September 19), Avery Dennison stock began trading at $181.88 per share while reporting its one-year low and high levels as $157.28 and $195.95 respectively.
With a debt-to-equity ratio of 1.44, the company maintains a current ratio of 1.09 and a quick ratio of 0.71. The stock’s 50-day moving average stands at $181.96, slightly above its 200-day moving average of $175.23.
Avery Dennison Co., boasting a market cap of $14.66 billion and a price-to-earnings ratio of 26.21, presents an intriguing opportunity for investors seeking exposure in the industrial products sector.
Please note that the aforementioned information is accurate as of September 19, 2023, and is subject to change based on future developments in Avery Dennison’s business activities and market performance.
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