Avery Dennison Corp (AVY) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Jul 1, 2016.
Many Wall Street Analysts have commented on Avery Dennison Corp. Avery Dennison Corp was Downgraded by JP Morgan to ” Neutral” on May 20, 2016. Company shares were Reiterated by Barclays on May 2, 2016 to “Overweight”, Firm has raised the Price Target to $ 86 from a previous price target of $82 .Avery Dennison Corp was Resumed by Credit Suisse to “Neutral” on Apr 22, 2016.
On the company’s financial health, Avery Dennison Corp reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.86. The company had revenue of $1485.50 million for the quarter, compared to analysts expectations of $1508.36 million. The company’s revenue was down -2.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.81 EPS.
Avery Dennison Corp opened for trading at $72.92 and hit $73.05 on the upside on Wednesday, eventually ending the session at $72.82, with a gain of 1.14% or 0.82 points. The heightened volatility saw the trading volume jump to 6,12,287 shares. Company has a market cap of $6,494 M.
In a different news, on Jun 9, 2016, Ken C Hicks (director) sold 5,000 shares at $76.23 per share price. According to the SEC, on Jun 9, 2016, Anne Hill (Sr. VP & Chief HR Officer) sold 30,000 shares at $76.25 per share price. On Jun 2, 2016, Susan C Miller (Senior VP, Gen Counsel & Secty) sold 2,000 shares at $73.82 per share price, according to the Form-4 filing with the securities and exchange commission.
Avery Dennison Corporation is engaged in the production of pressure-sensitive materials and a variety of tickets tags labels and other converted products. The Companys pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing printing stamping and die-cutting. It also sells pressure-sensitive materials in converted form as tapes and reflective sheeting. The Company also manufactures and sells a variety of other converted products and items not involving pressure-sensitive components such as fasteners tickets tags radio-frequency identification (RFID) inlays and tags and imprinting equipment and related services which it markets to retailers and apparel manufacturers and brand owners. The Companys operational segments include Pressure-sensitive Materials (PSM) Retail Branding and Information Solutions (RBIS) and Vancive Medical Technologies (Vancive).