Wealthquest Corp Purchases New Holdings in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Wealthquest Corp has acquired 177,241 shares of Avery Dennison Corporation, valued at approximately $31.5 million, making it the 20th largest position in their portfolio.
• Avery Dennison's quarterly earnings showed EPS of $2.42, beating estimates, but revenues declined by 0.7% year-over-year, prompting analysts to set varied price targets for the stock.
• The company announced a quarterly dividend of $0.94 per share, equating to an annual yield of 2.23%, with the ex-dividend date on September 3rd.

Wealthquest Corp bought a new stake in Avery Dennison Corporation (NYSE:AVY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 177,241 shares of the industrial products company's stock, valued at approximately $31,544,000. Avery Dennison makes up 1.4% of Wealthquest Corp's portfolio, making the stock its 20th biggest holding. Wealthquest Corp owned about 0.23% of Avery Dennison as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in AVY. Bayforest Capital Ltd acquired a new stake in Avery Dennison during the first quarter worth $27,000. American National Bank & Trust acquired a new stake in Avery Dennison during the first quarter worth $49,000. Grove Bank & Trust grew its stake in shares of Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after buying an additional 59 shares in the last quarter. Abound Financial LLC acquired a new stake in shares of Avery Dennison in the first quarter valued at $71,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Avery Dennison in the fourth quarter valued at $79,000. Hedge funds and other institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Down 1.2%

NYSE AVY traded down $2.01 during trading on Friday, reaching $165.76. 765,721 shares of the company's stock were exchanged, compared to its average volume of 572,953. The stock has a market cap of $12.93 billion, a P/E ratio of 18.60, a price-to-earnings-growth ratio of 2.55 and a beta of 0.88. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04. The company has a 50 day moving average price of $177.95 and a two-hundred day moving average price of $178.66. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The business had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. During the same quarter in the previous year, the firm earned $2.42 earnings per share. The business's revenue was down .7% compared to the same quarter last year. On average, equities research analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.3%. Avery Dennison's payout ratio is 42.20%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Argus cut Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Barclays dropped their price objective 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. JPMorgan Chase & Co. lifted their target price on Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $207.00 target price (down from $216.00) on shares of Avery Dennison in a report on Wednesday, July 23rd. Finally, UBS Group decreased their target price on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $197.60.

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.