Avery Dennison Corporation (NYSE:AVY) Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management increased its stake in Avery Dennison Corporation by 1.6%, now owning approximately 0.91% of the company, valued at $126.4 million.
• Avery Dennison reported EPS of $2.42 for the quarter, surpassing analysts’ expectations, though revenue decreased by 0.7% year-over-year.
• The company announced a quarterly dividend of $0.94 per share, with a yield of 2.2%, to be paid on September 17th.

Charles Schwab Investment Management Inc. increased its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 1.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 710,247 shares of the industrial products company's stock after buying an additional 11,156 shares during the period. Charles Schwab Investment Management Inc. owned about 0.91% of Avery Dennison worth $126,403,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. ASR Vermogensbeheer N.V. purchased a new stake in shares of Avery Dennison in the 1st quarter worth about $2,793,000. Vanguard Group Inc. lifted its holdings in Avery Dennison by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 9,959,263 shares of the industrial products company's stock valued at $1,772,450,000 after purchasing an additional 277,554 shares in the last quarter. iA Global Asset Management Inc. purchased a new position in Avery Dennison in the 1st quarter valued at about $194,000. Costello Asset Management INC purchased a new position in Avery Dennison in the 1st quarter valued at about $40,000. Finally, UNIVEST FINANCIAL Corp lifted its holdings in Avery Dennison by 22.4% in the 1st quarter. UNIVEST FINANCIAL Corp now owns 4,257 shares of the industrial products company's stock valued at $758,000 after purchasing an additional 780 shares in the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Trading Down 1.7%

AVY traded down $3.04 on Friday, reaching $174.72. 513,843 shares of the company's stock were exchanged, compared to its average volume of 690,586. The company's 50 day moving average is $176.66 and its 200-day moving average is $177.37. The company has a market cap of $13.62 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 2.73 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 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. The firm 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 company's revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.42 EPS. Equities analysts predict that Avery Dennison Corporation will post 9.96 earnings per share 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 given a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 annualized dividend and a yield of 2.2%. Avery Dennison's dividend payout ratio (DPR) is 42.20%.

Analysts Set New Price Targets

A number of research analysts have issued reports on AVY shares. Truist Financial reduced their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. BMO Capital Markets restated an "outperform" rating and issued a $207.00 target price (down from $216.00) on shares of Avery Dennison in a report on Wednesday, July 23rd. Argus lowered shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Finally, Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock 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.