Avery Dennison (NYSE:AVY) Hits New 12-Month Low on Disappointing Earnings

Shares of Avery Dennison Co. (NYSE:AVY) reached a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $179.20 and last traded at $182.67, with a volume of 2345161 shares trading hands. The stock had previously closed at $192.91.

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 return on equity of 33.01% and a net margin of 7.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AVY shares. Bank of America cut their target price 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. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Barclays decreased their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Citigroup cut their price target on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Finally, UBS Group lowered their price objective on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $235.05.

Insider Activity

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the sale, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AVY. Allworth Financial LP raised its position in shares of Avery Dennison by 127.6% in the 4th quarter. Allworth Financial LP now owns 1,957 shares of the industrial products company’s stock valued at $373,000 after buying an additional 1,097 shares in the last quarter. Figure 8 Investment Strategies LLC acquired a new position in shares of Avery Dennison in the fourth quarter worth approximately $1,461,000. Vontobel Holding Ltd. boosted its holdings in Avery Dennison by 11.7% in the fourth quarter. Vontobel Holding Ltd. now owns 1,434 shares of the industrial products company’s stock valued at $268,000 after acquiring an additional 150 shares during the last quarter. Howard Bailey Securities LLC increased its position in Avery Dennison by 41.6% during the 4th quarter. Howard Bailey Securities LLC now owns 2,134 shares of the industrial products company’s stock valued at $399,000 after purchasing an additional 627 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Avery Dennison by 9.8% during the 4th quarter. Van ECK Associates Corp now owns 14,521 shares of the industrial products company’s stock worth $2,717,000 after purchasing an additional 1,302 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Stock Down 5.3 %

The stock’s 50-day moving average price is $193.87 and its 200-day moving average price is $206.51. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The stock has a market cap of $14.68 billion, a price-to-earnings ratio of 21.93, a P/E/G ratio of 1.36 and a beta of 0.89.

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.