AQR Capital Management LLC Increases Stock Position in Avery Dennison Corporation $AVY

Key Points

• AQR Capital Management LLC increased its stake in Avery Dennison Corporation by 24.0% in the first quarter, now holding approximately 0.16% of the company worth $21.9 million.
• Avery Dennison's latest quarterly earnings report showed earnings per share of $2.42, narrowly beating analyst estimates, with a revenue of $2.22 billion indicating a 0.7% year-over-year decline.
• The company announced a quarterly dividend of $0.94 per share, set to be paid on September 17th, 2023, representing a 2.2% yield based on an annualized payout of $3.76.

AQR Capital Management LLC increased its stake in Avery Dennison Corporation (NYSE:AVY - Free Report) by 24.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,077 shares of the industrial products company's stock after buying an additional 24,040 shares during the period. AQR Capital Management LLC owned 0.16% of Avery Dennison worth $21,927,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AVY. Bayforest Capital Ltd bought a new position in Avery Dennison in the first quarter worth about $27,000. SouthState Corp lifted its holdings in shares of Avery Dennison by 195.7% during the first quarter. SouthState Corp now owns 207 shares of the industrial products company's stock valued at $37,000 after purchasing an additional 137 shares during the last quarter. Costello Asset Management INC purchased a new position in shares of Avery Dennison during the first quarter valued at approximately $40,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Avery Dennison by 800.0% during the first quarter. Transamerica Financial Advisors LLC now owns 234 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 208 shares during the last quarter. Finally, American National Bank & Trust purchased a new position in shares of Avery Dennison during the first quarter valued at approximately $49,000. 94.17% of the stock is owned by institutional investors.

Avery Dennison Stock Performance

Shares of NYSE AVY traded down $2.84 during midday trading on Friday, hitting $165.71. 355,987 shares of the company's stock traded hands, compared to its average volume of 540,396. The firm has a fifty day moving average of $173.87 and a 200 day moving average of $175.66. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38. 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 stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 2.59 and a beta of 0.90.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.04. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. During the same quarter in the prior year, the business earned $2.42 EPS. The business's quarterly revenue was down .7% on a year-over-year basis. Avery Dennison has set its Q3 2025 guidance at 2.240-2.40 EPS. On average, analysts forecast that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed 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 of this dividend 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 presently 42.20%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Bank of America lifted their target price on shares of Avery Dennison from $195.00 to $208.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Raymond James Financial lifted their target price on shares of Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating and set a $207.00 target price (down from $216.00) on shares of Avery Dennison in a report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Avery Dennison has an average rating of "Moderate Buy" and a consensus price target of $197.60.

Avery Dennison Company Profile

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.