Truist Financial Corp Trims Stake in Avery Dennison Corporation (NYSE:AVY)

Truist Financial Corp decreased its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. 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 approximately 0.35% of Avery Dennison worth $49,205,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Avery Dennison by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock valued at $1,811,738,000 after buying an additional 33,149 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Avery Dennison by 3.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock worth $790,683,000 after buying an additional 150,572 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Avery Dennison by 12.9% during the 4th 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Avery Dennison by 0.7% during the 4th 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 in the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of Avery Dennison by 4.0% during the 4th 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 in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVY. BMO Capital Markets dropped their target price on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Robert W. Baird cut their price target 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. UBS Group cut their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Jefferies Financial Group started coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target on the stock. Finally, Argus lowered shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Avery Dennison has an average rating of "Moderate Buy" and a consensus target price of $205.51.

Avery Dennison Price Performance

Shares of AVY traded up $1.31 during mid-day trading on Wednesday, reaching $183.55. 344,341 shares of the stock traded hands, compared to its average volume of 772,017. The firm has a fifty day moving average price of $177.89 and a 200 day moving average price of $179.96. The company has a market cap of $14.35 billion, a price-to-earnings ratio of 21.15, a price-to-earnings-growth ratio of 2.89 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. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share 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 the consensus estimate of $2.15 billion. Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The business's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.29 earnings per share. As a group, equities research analysts predict that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently declared 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 was Wednesday, June 4th. This represents a $3.76 annualized dividend and a dividend yield of 2.05%. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. Avery Dennison's payout ratio is currently 43.32%.

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.