Avery Dennison Corp. announced the acquisition of ACPO’s business for $87.6 million, in a move to strengthen its presence in core label materials segments.
Avery Dennison (AVY), a manufacturer and seller of pressure-sensitive materials, has bought the majority of ACPO’s assets.
Avery Dennison’s CEO Mitch Butier said, “By adding ACPO’s well-regarded and complementary overlaminate product, we are increasing our product portfolio and adding even more value for our customers.” (See AVY stock analysis on TipRanks)
Earlier on Dec. 9, KeyBanc analyst Adam Josephson maintained a Hold rating on the stock. In a note to investors, he said, “Avery has a strong balance sheet and good returns, but we think the valuation leaves little room for upside.”
Meanwhile, the average price target stands at $156, which indicates upside potential of 2.7%. Currently, the Street is cautiously optimistic about the stock, with a Moderate Buy analyst consensus based on 3 Buys, 4 Holds and 1 Sell. Shares have gained 20.5% over the past year.
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