PNC Financial Services Group Inc. Sells 3,149 Shares of Avery Dennison Corporation (NYSE:AVY)

PNC Financial Services Group Inc. trimmed its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 8.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,551 shares of the industrial products company's stock after selling 3,149 shares during the period. PNC Financial Services Group Inc.'s holdings in Avery Dennison were worth $5,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of AVY. Bayforest Capital Ltd acquired a new stake in Avery Dennison in the first quarter worth $27,000. American National Bank & Trust acquired a new stake in Avery Dennison during the 1st quarter worth $49,000. Grove Bank & Trust lifted its holdings in Avery Dennison by 17.7% during the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock worth $70,000 after acquiring an additional 59 shares in the last quarter. Abound Financial LLC acquired a new position in Avery Dennison in the first quarter valued at about $71,000. Finally, Quarry LP increased its holdings in shares of Avery Dennison by 255.3% in the fourth quarter. Quarry LP now owns 501 shares of the industrial products company's stock worth $94,000 after acquiring an additional 360 shares in the last quarter. Institutional investors own 94.17% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AVY shares. Raymond James Financial lifted their price objective on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Truist Financial cut their price target on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Bank of America boosted their price objective 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. Finally, Citigroup upped their target price on shares of Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $197.60.

Avery Dennison Stock Up 1.2%

NYSE AVY traded up $2.07 during trading hours on Thursday, hitting $169.69. 735,187 shares of the company traded hands, compared to its average volume of 619,489. The stock has a market capitalization of $13.23 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 2.58 and a beta of 0.88. Avery Dennison Corporation has a twelve month low of $157.00 and a twelve month high of $224.38. The business's 50-day moving average is $177.07 and its 200-day moving average is $178.11. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm's revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the company earned $2.42 earnings per share. Sell-side analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's payout ratio is 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.