Blueshift Asset Management LLC Purchases New Position 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 stake in Avery Dennison Corporation (NYSE:AVY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,554 shares of the industrial products company's stock, valued at approximately $277,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Baker Avenue Asset Management LP boosted its holdings in shares of Avery Dennison by 5.7% in the fourth quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after buying an additional 59 shares during the period. Grove Bank & Trust boosted its holdings in 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 purchasing an additional 59 shares during the last quarter. Smith Moore & CO. boosted its holdings in Avery Dennison by 1.4% during the fourth quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock worth $883,000 after purchasing an additional 63 shares during the last quarter. Forum Financial Management LP boosted its holdings in Avery Dennison by 5.6% during the first quarter. Forum Financial Management LP now owns 1,384 shares of the industrial products company's stock worth $246,000 after purchasing an additional 73 shares during the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Avery Dennison by 3.6% during the first quarter. Brown Advisory Inc. now owns 2,169 shares of the industrial products company's stock worth $386,000 after purchasing an additional 76 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Stock Performance

NYSE:AVY traded down $1.19 during mid-day trading on Wednesday, reaching $166.98. 25,312 shares of the company's stock were exchanged, compared to its average volume of 748,957. Avery Dennison Corporation has a one year low of $157.00 and a one year high of $224.38. The firm has a market capitalization of $13.02 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 2.57 and a beta of 0.88. The business's fifty day simple moving average is $177.48 and its two-hundred day simple moving average is $178.34. 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 (NYSE:AVY - Get Free Report) last released its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.38 by $0.04. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period last year, the firm earned $2.42 EPS. The business's quarterly revenue was down .7% compared to the same quarter last year. Analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's dividend payout ratio (DPR) is currently 42.20%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Robert W. Baird reduced 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. Bank of America increased 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. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price target for the company. BMO Capital Markets reissued an "outperform" rating and issued a $207.00 price objective (down previously from $216.00) on shares of Avery Dennison in a research report on Wednesday, July 23rd. Finally, Argus lowered shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $197.60.

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.