KeyBanc analyst Adam Josephson maintained a Hold rating on Avery Dennison Corp (NYSE: AVY) today. The company’s shares opened today at $92.40, close to its 52-week low of $92.26.
Josephson said:
“We are slightly reducing our 2018 adj. EPS estimate from $6.10 to $6.05 (guidance remains $5.95-$6.10) and our 2019 estimate from $6.44 to $6.43 (below consensus of $6.65). Our estimates are coming down to reflect the modest 3Q EPS miss. Our revised estimates imply 4% adj. EBIT growth in 2019, compared to 11% in 2018. AVY continues to generate organic sales growth and returns on capital among the best in packaging, and the Company’s low leverage gives it considerable flexibility in the event of a market downturn that many of our other companies do not have at the moment. AVY is down 18% YTD (vs. the 4%), which we think reflects investor concerns about raw material inflation, emerging market weakness, and the strengthening U.S. dollar, among other factors.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 7.8% and a 66.2% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Graphic Packaging, and Clearwater Paper.
Avery Dennison Corp has an analyst consensus of Strong Buy, with a price target consensus of $129.
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Avery Dennison Corp’s market cap is currently $8.5B and has a P/E ratio of 30.90. The company has a Price to Book ratio of 7.92.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock.
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Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. Its businesses include the production of pressure-sensitive materials and a variety of tickets, tags, labels, and other converted products.
