Avery Dennison Corporation (NYSE:AVY) Shares Sold by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers reduced its holdings in Avery Dennison Corporation by 32.1%, selling 3,845 shares and holding 8,125 shares valued at $1.446 million as of the end of Q1.
• Several financial institutions have also adjusted their positions, with institutional investors owning 94.17% of Avery Dennison's stock.
• Avery Dennison announced a quarterly dividend of $0.94 per share, with a dividend yield of 2.2%, set to be paid on September 17th.

Cetera Investment Advisers lowered its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 32.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,125 shares of the industrial products company's stock after selling 3,845 shares during the quarter. Cetera Investment Advisers' holdings in Avery Dennison were worth $1,446,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVY. American National Bank & Trust bought a new stake in Avery Dennison in the first quarter valued at about $49,000. Grove Bank & Trust grew its holdings in shares of 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 buying an additional 59 shares in the last quarter. Abound Financial LLC bought a new position in shares of Avery Dennison during the first quarter worth about $71,000. Quarry LP grew its holdings in shares of Avery Dennison by 255.3% during the fourth quarter. Quarry LP now owns 501 shares of the industrial products company's stock worth $94,000 after buying an additional 360 shares in the last quarter. Finally, GeoWealth Management LLC boosted its position in Avery Dennison by 187.6% during the fourth quarter. GeoWealth Management LLC now owns 535 shares of the industrial products company's stock valued at $100,000 after purchasing an additional 349 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Stock Up 1.7%

Shares of AVY traded up $2.90 on Tuesday, reaching $174.72. The stock had a trading volume of 906,031 shares, compared to its average volume of 653,399. The company has a 50-day simple moving average of $176.75 and a 200-day simple moving average of $177.61. Avery Dennison Corporation has a 12-month low of $157.00 and a 12-month high of $224.38. The firm has a market capitalization of $13.62 billion, a price-to-earnings ratio of 19.61, a price-to-earnings-growth ratio of 2.64 and a beta of 0.88. 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 posted its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. The business had revenue of $2.22 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 EPS. Sell-side analysts predict that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 3rd. Avery Dennison's dividend payout ratio is presently 42.20%.

Analyst Upgrades and Downgrades

AVY has been the subject of several recent research reports. Argus cut Avery Dennison from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Robert W. Baird reduced their price target on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Barclays cut their price objective on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group assumed coverage on Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price objective for the company. Finally, Bank of America raised their price objective on Avery Dennison from $195.00 to $208.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average 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.