Bank of Nova Scotia Has $1.49 Million Stake in Avery Dennison Corporation (NYSE:AVY)

Bank of Nova Scotia cut its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 21.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,393 shares of the industrial products company's stock after selling 2,342 shares during the quarter. Bank of Nova Scotia's holdings in Avery Dennison were worth $1,494,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Bayforest Capital Ltd bought a new stake in shares of Avery Dennison during the 1st quarter valued at approximately $27,000. American National Bank & Trust acquired a new stake in Avery Dennison in the first quarter valued at approximately $49,000. Grove Bank & Trust grew its stake in shares of 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 buying an additional 59 shares during the last quarter. Abound Financial LLC acquired a new position in shares of Avery Dennison during the first quarter worth $71,000. Finally, Quarry LP lifted its stake in shares of Avery Dennison by 255.3% in the 4th quarter. Quarry LP now owns 501 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 360 shares during the last quarter. Institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Up 1.2%

Shares of NYSE AVY opened at $169.69 on Friday. The company's 50 day moving average price is $177.07 and its 200-day moving average price 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 Corporation has a 52-week low of $157.00 and a 52-week high of $224.38. The company has a market capitalization of $13.23 billion, a P/E ratio of 19.05, a price-to-earnings-growth ratio of 2.58 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last released its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.04. The business 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 for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. Equities analysts forecast that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 annualized dividend and a yield of 2.2%. Avery Dennison's dividend payout ratio (DPR) is currently 42.20%.

Wall Street Analyst Weigh In

AVY has been the topic of a number of research reports. Robert W. Baird reduced their price objective on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Barclays reduced their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Citigroup raised their price objective on shares of Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Bank of America boosted their target price on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $207.00 price target (down previously from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Avery Dennison presently has an average rating of "Moderate Buy" and a consensus target price of $197.60.

Avery Dennison 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.

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