Blueshift Asset Management LLC Purchases New Stake in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Blueshift Asset Management LLC has acquired a new stake in Avery Dennison Corporation valued at approximately $277,000, purchasing 1,554 shares during the 1st quarter.
• Avery Dennison reported earnings of $2.42 EPS for the last quarter, exceeding analysts' expectations, while annual revenue experienced a 0.7% decline year-over-year.
• The company declared a quarterly dividend of $0.94, indicating an annualized payout of $3.76 and a yield of 2.3%, with an ex-dividend date set for September 3rd.

Blueshift Asset Management LLC bought a new position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 1,554 shares of the industrial products company's stock, valued at approximately $277,000.

Other institutional investors also recently modified their holdings of the company. Choreo LLC lifted its holdings in shares of Avery Dennison by 1.5% during the 1st quarter. Choreo LLC now owns 12,380 shares of the industrial products company's stock valued at $2,203,000 after purchasing an additional 185 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of Avery Dennison during the 4th quarter valued at about $496,000. Brown Advisory Inc. lifted its holdings in shares of Avery Dennison by 3.6% during the 1st quarter. Brown Advisory Inc. now owns 2,169 shares of the industrial products company's stock valued at $386,000 after purchasing an additional 76 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Avery Dennison by 9.4% during the 1st quarter. GAMMA Investing LLC now owns 2,409 shares of the industrial products company's stock valued at $429,000 after purchasing an additional 207 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in shares of Avery Dennison by 630.9% during the 1st 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 in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Performance

Shares of AVY stock traded up $1.34 during trading on Thursday, reaching $168.96. 46,071 shares of the company's stock were exchanged, compared to its average volume of 748,105. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $13.18 billion, a PE ratio of 18.96, a PEG ratio of 2.59 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 firm's fifty day moving average price is $177.48 and its 200-day moving average price is $178.34.

Avery Dennison (NYSE:AVY - Get Free Report) last posted 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 analyst estimates of $2.23 billion. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The firm's revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.42 EPS. As a group, sell-side analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be issued a $0.94 dividend. 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 dividend payout ratio is currently 42.20%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVY. Argus cut Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Bank of America boosted their target price on Avery Dennison from $195.00 to $208.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. boosted their target price on Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Barclays cut their target price on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $207.00 target price (down previously from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Six investment 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.com, Avery Dennison has an average rating of "Moderate Buy" and an average 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.