Zurcher Kantonalbank Zurich Cantonalbank Buys 24,469 Shares of Avery Dennison Corporation (NYSE:AVY)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank acquired an additional 24,469 shares of Avery Dennison Corporation, increasing its holdings by 19.8% to a total of 147,829 shares worth approximately $26.3 million.
• Avery Dennison reported a quarterly EPS of $2.42, surpassing analyst expectations, despite a 0.7% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.94 per share, representing an annualized dividend yield of 2.19%, with a payout ratio of 42.20%.

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 19.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 147,829 shares of the industrial products company's stock after acquiring an additional 24,469 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.19% of Avery Dennison worth $26,309,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Empirical Finance LLC lifted its holdings in shares of Avery Dennison by 4.6% in the 1st quarter. Empirical Finance LLC now owns 2,921 shares of the industrial products company's stock worth $520,000 after buying an additional 129 shares during the period. HB Wealth Management LLC lifted its stake in shares of Avery Dennison by 45.6% during the 1st quarter. HB Wealth Management LLC now owns 5,753 shares of the industrial products company's stock worth $1,024,000 after purchasing an additional 1,802 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Avery Dennison by 1.2% during the 1st quarter. TD Asset Management Inc now owns 365,625 shares of the industrial products company's stock worth $65,070,000 after purchasing an additional 4,400 shares during the last quarter. Trilogy Capital Inc. purchased a new stake in shares of Avery Dennison during the 1st quarter worth $274,000. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Avery Dennison by 12.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,459 shares of the industrial products company's stock worth $1,683,000 after purchasing an additional 1,023 shares during the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on AVY shares. Argus cut Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Jefferies Financial Group started coverage on Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price target for the company. Citigroup increased their price target on Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. BMO Capital Markets reiterated an "outperform" rating and issued a $207.00 price target (down from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Finally, Robert W. Baird reduced their price objective on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $197.60.

Avery Dennison Stock Down 1.5%

NYSE:AVY traded down $2.45 during trading hours on Friday, reaching $165.33. The company's stock had a trading volume of 323,297 shares, compared to its average volume of 754,404. The company has a market cap of $12.93 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 2.59 and a beta of 0.87. Avery Dennison Corporation has a one year low of $157.00 and a one year high of $224.38. The business's 50-day moving average is $178.18 and its 200-day moving average is $178.90. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.04 and a quick ratio of 0.70.

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

Avery Dennison Announces Dividend

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

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.