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

Bessemer Group Inc. decreased its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 54.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,090 shares of the industrial products company's stock after selling 9,579 shares during the period. Bessemer Group Inc.'s holdings in Avery Dennison were worth $1,439,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nomura Holdings Inc. acquired a new position in Avery Dennison during the 4th quarter valued at approximately $496,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Avery Dennison by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,185 shares of the industrial products company's stock valued at $2,169,000 after acquiring an additional 217 shares during the period. Spire Wealth Management raised its stake in Avery Dennison by 630.9% in the 1st quarter. Spire Wealth Management now owns 2,200 shares of the industrial products company's stock worth $392,000 after acquiring an additional 1,899 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Avery Dennison during the 4th quarter worth about $11,396,000. Finally, Oppenheimer Asset Management Inc. grew its stake in 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 valued at $526,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Analysts Set New Price Targets

AVY has been the subject of several research analyst reports. Jefferies Financial Group assumed coverage on Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price objective for the company. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Truist Financial cut their price objective 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. BMO Capital Markets decreased their target price on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Argus lowered Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $206.60.

Avery Dennison Price Performance

Shares of NYSE AVY traded up $5.75 during midday trading on Tuesday, hitting $181.22. The stock had a trading volume of 1,119,790 shares, compared to its average volume of 648,718. The stock has a 50 day simple moving average of $176.65 and a 200-day simple moving average of $180.18. The company has a market capitalization of $14.17 billion, a PE ratio of 20.88, a P/E/G ratio of 2.81 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 1 year low of $157.00 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The company had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the business earned $2.29 earnings per share. The firm's revenue was down .1% compared to the same quarter last year. On average, sell-side analysts expect that Avery Dennison Corporation will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.07%. The ex-dividend date was Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

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.