Ameriprise Financial Inc. increased its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 12.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,185,732 shares of the industrial products company's stock after acquiring an additional 250,359 shares during the quarter. Ameriprise Financial Inc. owned about 2.72% of Avery Dennison worth $409,014,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Avery Dennison by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after purchasing an additional 33,149 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Avery Dennison by 3.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock valued at $790,683,000 after acquiring an additional 150,572 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Avery Dennison by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock valued at $392,445,000 after acquiring an additional 13,815 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Avery Dennison by 17.9% during the fourth quarter. Northern Trust Corp now owns 1,106,083 shares of the industrial products company's stock worth $206,981,000 after purchasing an additional 168,311 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Avery Dennison in the fourth quarter worth approximately $188,643,000. Hedge funds and other institutional investors own 94.17% of the company's stock.
Insiders Place Their Bets
In related news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares of the company's stock, valued at $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.84% of the company's stock.
Analyst Ratings Changes
A number of research firms have commented on AVY. UBS Group cut their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Barclays dropped their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Truist Financial reduced their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird dropped their target price on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Raymond James reduced their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Avery Dennison currently has a consensus rating of "Moderate Buy" and an average target price of $209.80.
Check Out Our Latest Stock Analysis on AVY
Avery Dennison Price Performance
AVY stock opened at $171.41 on Monday. The stock has a market capitalization of $13.40 billion, a price-to-earnings ratio of 19.66, a PEG ratio of 2.07 and a beta of 0.88. The firm's 50-day moving average price is $175.13 and its two-hundred day moving average price is $187.78. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10. Avery Dennison Co. has a 12-month low of $157.00 and a 12-month high of $233.48.
Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. The company's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the company earned $2.29 EPS. As a group, equities analysts predict that Avery Dennison Co. will post 9.96 earnings per share for the current year.
Avery Dennison Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a dividend of $0.94 per share. This is an increase from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Wednesday, June 4th. Avery Dennison's payout ratio is presently 43.32%.
Avery Dennison Profile
(
Free Report)
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.
Further Reading
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