Berger Financial Group Inc Acquires New Holdings in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Berger Financial Group Inc has invested approximately $5.21 million in Avery Dennison Corporation by purchasing 29,292 shares during the first quarter.
• Avery Dennison reported earnings of $2.42 per share for the last quarter, beating predictions, while revenue was slightly below expectations at $2.22 billion.
• The company announced a quarterly dividend of $0.94 per share, with a dividend yield of 2.2% and a payout ratio of 42.20%.

Berger Financial Group Inc acquired a new stake in Avery Dennison Corporation (NYSE:AVY - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 29,292 shares of the industrial products company's stock, valued at approximately $5,213,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVY. Bayforest Capital Ltd bought a new position in Avery Dennison in the 1st quarter worth $27,000. Costello Asset Management INC purchased a new position in Avery Dennison in the first quarter valued at $40,000. American National Bank & Trust acquired a new stake in shares of Avery Dennison in the first quarter valued at about $49,000. Grove Bank & Trust boosted its holdings in Avery Dennison by 17.7% in the 1st quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after purchasing an additional 59 shares during the last quarter. Finally, Abound Financial LLC purchased a new stake in shares of Avery Dennison in the 1st quarter valued at approximately $71,000. 94.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AVY has been the subject of several recent analyst reports. Argus cut shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Bank of America raised 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. JPMorgan Chase & Co. increased their price target on Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Jefferies Financial Group started coverage on Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Finally, Citigroup boosted their target price on Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $197.60.

Avery Dennison Price Performance

Shares of NYSE:AVY traded up $1.05 during trading on Monday, hitting $171.86. 714,531 shares of the stock were exchanged, compared to its average volume of 632,919. Avery Dennison Corporation has a 12-month low of $157.00 and a 12-month high of $224.38. The company has a market cap of $13.40 billion, a PE ratio of 19.29, a P/E/G ratio of 2.63 and a beta of 0.88. The company has a fifty day moving average price of $176.85 and a two-hundred day moving average price of $177.63. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, beating analysts' consensus estimates 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%. The business's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business earned $2.42 earnings per share. On average, analysts forecast that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

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

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.