Bowen Hanes & Co. Inc. Has $8.59 Million Stock Holdings in Avery Dennison Corporation $AVY

Key Points

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Bowen Hanes & Co. Inc. cut its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 79.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,268 shares of the industrial products company's stock after selling 191,187 shares during the period. Bowen Hanes & Co. Inc. owned 0.06% of Avery Dennison worth $8,590,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Bayforest Capital Ltd acquired a new stake in shares of Avery Dennison in the 1st quarter valued at about $27,000. SouthState Corp grew its stake in shares of Avery Dennison by 195.7% in the 1st quarter. SouthState Corp now owns 207 shares of the industrial products company's stock valued at $37,000 after buying an additional 137 shares during the period. Costello Asset Management INC acquired a new position in Avery Dennison during the 1st quarter valued at about $40,000. American National Bank & Trust acquired a new position in Avery Dennison during the 1st quarter valued at about $49,000. Finally, Grove Bank & Trust boosted its stake in Avery Dennison by 17.7% during 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. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Trading Down 1.3%

NYSE:AVY opened at $172.47 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $13.45 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 2.69 and a beta of 0.88. The firm's 50 day moving average is $176.52 and its 200 day moving average is $177.14. Avery Dennison Corporation has a 12 month low of $157.00 and a 12 month high of $224.38.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The business had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. During the same quarter in the previous year, the firm posted $2.42 EPS. The business's revenue for the quarter was down .7% compared to the same quarter last year. Sell-side analysts expect that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm 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 dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. Avery Dennison's payout ratio is presently 42.20%.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of analyst reports. BMO Capital Markets reiterated an "outperform" rating and set a $207.00 price target (down previously from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on Avery Dennison in a research note on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target for the company. Raymond James Financial lifted their price target on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wall Street Zen raised shares of Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Argus downgraded Avery Dennison from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.

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