Penserra Capital Management LLC Buys 4,181 Shares of Avery Dennison Corporation (NYSE:AVY)

Penserra Capital Management LLC increased its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 2,049.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,385 shares of the industrial products company's stock after purchasing an additional 4,181 shares during the quarter. Penserra Capital Management LLC's holdings in Avery Dennison were worth $779,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVY. Vanguard Group Inc. raised 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 acquiring an additional 33,149 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in Avery Dennison by 3.7% during the fourth 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 during the period. Ameriprise Financial Inc. boosted its position in shares of Avery Dennison by 12.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after buying an additional 250,359 shares during the period. Geode Capital Management LLC boosted its position in shares of Avery Dennison by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock worth $392,445,000 after buying an additional 13,815 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of Avery Dennison by 4.0% in the fourth quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock worth $344,603,000 after buying an additional 71,435 shares during the period. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Stock Down 1.3%

Shares of AVY stock traded down $2.43 on Friday, reaching $182.20. 487,015 shares of the company's stock traded hands, compared to its average volume of 650,352. Avery Dennison Corporation has a 12-month low of $157.00 and a 12-month high of $233.48. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.68 and a current ratio of 1.03. The company has a market capitalization of $14.24 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 2.59 and a beta of 0.87. The business's 50 day moving average price is $178.65 and its two-hundred day moving average price is $179.91.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. Avery Dennison's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the previous year, the business posted $2.29 EPS. On average, equities analysts forecast that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were paid a $0.94 dividend. The ex-dividend date was Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.06%. Avery Dennison's payout ratio is presently 43.32%.

Analysts Set New Price Targets

AVY has been the subject of a number of analyst reports. Truist Financial reduced their price target on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. JPMorgan Chase & Co. downgraded Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $205.00 to $172.00 in a report on Thursday, April 24th. UBS Group reduced their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Wall Street Zen raised Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Barclays reduced their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $196.90.

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.