Bryce Point Capital LLC Buys Shares of 4,236 Avery Dennison Corporation (NYSE:AVY)

Key Points

• Bryce Point Capital LLC has acquired a new position in Avery Dennison Corporation by purchasing 4,236 shares valued at approximately $751,000 in the first quarter.
• Avery Dennison reported $2.42 earnings per share for the last quarter, exceeding analysts' expectations, with a slight revenue decline of 0.7% year-over-year.
• The company announced a quarterly dividend of $0.94 per share, which represents an annualized dividend of $3.76 and a yield of 2.12%.

Bryce Point Capital LLC acquired a new stake in Avery Dennison Corporation (NYSE:AVY - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 4,236 shares of the industrial products company's stock, valued at approximately $751,000.

A number of other hedge funds have also bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Avery Dennison by 19.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 147,829 shares of the industrial products company's stock worth $26,309,000 after purchasing an additional 24,469 shares during the period. Empirical Finance LLC increased its holdings in shares of Avery Dennison by 4.6% in the first quarter. Empirical Finance LLC now owns 2,921 shares of the industrial products company's stock worth $520,000 after purchasing an additional 129 shares during the period. HB Wealth Management LLC lifted its holdings in shares of Avery Dennison by 45.6% during the 1st quarter. HB Wealth Management LLC now owns 5,753 shares of the industrial products company's stock worth $1,024,000 after acquiring an additional 1,802 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Avery Dennison by 1.2% during the 1st quarter. TD Asset Management Inc now owns 365,625 shares of the industrial products company's stock worth $65,070,000 after acquiring an additional 4,400 shares during the last quarter. Finally, Trilogy Capital Inc. bought a new stake in shares of Avery Dennison during the 1st quarter worth $274,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Trading Up 0.0%

AVY stock traded up $0.04 during trading on Thursday, hitting $168.46. The company had a trading volume of 373,538 shares, compared to its average volume of 755,053. The firm has a market capitalization of $13.17 billion, a P/E ratio of 18.93, a PEG ratio of 2.65 and a beta of 0.87. Avery Dennison Corporation has a 52-week low of $157.00 and a 52-week high of $224.38. The company has a 50 day simple moving average of $178.44 and a 200-day simple moving average of $179.04. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.38 by $0.04. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm's revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.42 EPS. As a group, research analysts forecast that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal 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 given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's dividend payout ratio (DPR) is 42.20%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AVY shares. Jefferies Financial Group started coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Raymond James Financial boosted their price target on shares of Avery Dennison from $194.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Argus downgraded shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. boosted their price objective on shares of Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Robert W. Baird decreased their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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.