Truist Financial Corp Cuts Stock Position in Avery Dennison Corporation (NYSE:AVY)

Truist Financial Corp lowered its stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 276,478 shares of the industrial products company's stock after selling 59,941 shares during the quarter. Truist Financial Corp owned about 0.35% of Avery Dennison worth $49,205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HBK Sorce Advisory LLC increased its stake in Avery Dennison by 0.5% during the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock valued at $2,220,000 after purchasing an additional 58 shares in the last quarter. Baker Avenue Asset Management LP increased its position in shares of Avery Dennison by 5.7% in the 4th quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after acquiring an additional 59 shares during the period. Grove Bank & Trust lifted its position in Avery Dennison by 17.7% during the 1st quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock worth $70,000 after acquiring an additional 59 shares during the period. Smith Moore & CO. grew its stake in Avery Dennison by 1.4% during the 4th quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock valued at $883,000 after purchasing an additional 63 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Avery Dennison by 22.5% in the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock valued at $74,000 after purchasing an additional 73 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target for the company. 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. Robert W. Baird decreased their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. BMO Capital Markets cut their target price on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Finally, Raymond James Financial decreased their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Avery Dennison presently has a consensus rating of "Moderate Buy" and an average price target of $206.60.

Avery Dennison Trading Down 1.6%

Avery Dennison stock traded down $2.85 during midday trading on Monday, hitting $180.39. 478,807 shares of the stock were exchanged, compared to its average volume of 650,801. The stock has a market capitalization of $14.10 billion, a price-to-earnings ratio of 20.78, a PEG ratio of 2.94 and a beta of 0.87. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.19. The stock's 50-day simple moving average is $177.48 and its 200 day simple moving average is $180.00. Avery Dennison Corporation has a fifty-two week low of $157.00 and a fifty-two week high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.02). The business had revenue of $2.15 billion during 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%. The business's revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the company earned $2.29 EPS. On average, equities analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. Avery Dennison's dividend payout ratio (DPR) is presently 43.32%.

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.