Mediolanum International Funds Ltd Trims Holdings in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Mediolanum International Funds Ltd has decreased its stake in Avery Dennison Corporation by 9.7%, owning 14,969 shares valued at approximately $2.63 million after selling 1,604 shares in the first quarter.
• Avery Dennison is set to pay a quarterly dividend of $0.94 on September 17th, with an annualized dividend yield of 2.12%.
• Equities analysts have generally rated Avery Dennison stock as a "Moderate Buy", with target prices ranging from $177.00 to $208.00.

Mediolanum International Funds Ltd decreased its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 9.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,969 shares of the industrial products company's stock after selling 1,604 shares during the period. Mediolanum International Funds Ltd's holdings in Avery Dennison were worth $2,631,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Trilogy Capital Inc. purchased a new position in Avery Dennison in the first quarter valued at $274,000. Avantax Advisory Services Inc. grew its position in shares of Avery Dennison by 12.1% in the first quarter. Avantax Advisory Services Inc. now owns 9,459 shares of the industrial products company's stock valued at $1,683,000 after purchasing an additional 1,023 shares during the period. Machina Capital S.A.S. grew its position in shares of Avery Dennison by 148.2% in the first quarter. Machina Capital S.A.S. now owns 5,342 shares of the industrial products company's stock valued at $951,000 after purchasing an additional 3,190 shares during the period. Burney Co. grew its position in shares of Avery Dennison by 11.1% in the first quarter. Burney Co. now owns 1,478 shares of the industrial products company's stock valued at $263,000 after purchasing an additional 148 shares during the period. Finally, Choreo LLC grew its position in shares of Avery Dennison by 1.5% in the first quarter. Choreo LLC now owns 12,380 shares of the industrial products company's stock valued at $2,203,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 94.17% of the company's stock.

Avery Dennison Trading Up 0.3%

NYSE:AVY traded up $0.51 on Thursday, hitting $168.93. The stock had a trading volume of 246,044 shares, compared to its average volume of 754,082. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 2.65 and a beta of 0.87. The company has a fifty day moving average price of $178.44 and a two-hundred day moving average price of $179.04. 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 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.04. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. Avery Dennison's revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.42 EPS. Equities research analysts expect that Avery Dennison Corporation will post 9.96 earnings per share 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. Shareholders of record on Wednesday, September 3rd will be issued a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 annualized dividend and a yield of 2.23%. Avery Dennison's payout ratio is 42.20%.

Wall Street Analyst Weigh In

AVY has been the topic of several research analyst reports. Truist Financial dropped their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Citigroup lifted their target price on shares of Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. BMO Capital Markets reiterated an "outperform" rating and issued a $207.00 target price (down previously from $216.00) on shares of Avery Dennison in a research report on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 target price on the stock. Finally, 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 research report on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average 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.