Avery Dennison Corporation (NYSE:AVY) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. cut its stake in Avery Dennison Corporation (NYSE:AVY - Free Report) by 54.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,090 shares of the industrial products company's stock after selling 9,579 shares during the quarter. Bessemer Group Inc.'s holdings in Avery Dennison were worth $1,439,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Spire Wealth Management grew its holdings in shares of Avery Dennison by 630.9% in the first quarter. Spire Wealth Management now owns 2,200 shares of the industrial products company's stock valued at $392,000 after purchasing an additional 1,899 shares during the period. Wealthquest Corp acquired a new position in Avery Dennison in the 1st quarter valued at about $31,544,000. Figure 8 Investment Strategies LLC grew its stake in shares of Avery Dennison by 1.1% in the 1st quarter. Figure 8 Investment Strategies LLC now owns 7,889 shares of the industrial products company's stock valued at $1,404,000 after buying an additional 83 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of Avery Dennison by 11.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 2,953 shares of the industrial products company's stock worth $526,000 after buying an additional 300 shares during the last quarter. Finally, Manning & Napier Advisors LLC raised its position in shares of Avery Dennison by 89.6% during the 1st quarter. Manning & Napier Advisors LLC now owns 11,272 shares of the industrial products company's stock valued at $2,006,000 after buying an additional 5,326 shares during the period. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Stock Down 0.1%

AVY stock traded down $0.19 during midday trading on Thursday, hitting $183.24. The company's stock had a trading volume of 339,849 shares, compared to its average volume of 648,655. The firm has a market capitalization of $14.33 billion, a P/E ratio of 21.11, a PEG ratio of 2.90 and a beta of 0.87. The company has a quick ratio of 0.68, a current ratio of 1.03 and a debt-to-equity ratio of 1.19. Avery Dennison Corporation has a 52-week low of $157.00 and a 52-week high of $233.48. The firm has a 50-day simple moving average of $177.03 and a 200-day simple moving average of $180.21.

Avery Dennison (NYSE:AVY - Get Free Report) last released its 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 company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The company's revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.29 earnings per share. As a group, equities analysts forecast that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a $0.94 dividend. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.76 annualized dividend and a yield of 2.05%. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Wall Street Zen upgraded Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Barclays lowered their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. lowered shares of Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $205.00 to $172.00 in a report on Thursday, April 24th. Robert W. Baird dropped their target price on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, UBS Group decreased their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $206.60.

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.