Avery Dennison Corporation (NYSE:AVY) Shares Sold by Cypress Capital Group

Key Points

• Cypress Capital Group reduced its position in Avery Dennison Corporation by 40.1%, selling 2,840 shares during the first quarter, leaving it with 4,249 shares valued at approximately $756,000.
• Multiple hedge funds, including Vanguard Group and T. Rowe Price, have increased their stakes in Avery Dennison, with institutional ownership reaching 94.17%.
• Avery Dennison reported earnings of $2.42 per share for the last quarter, exceeding expectations, although revenues declined 0.7% year-over-year.

Cypress Capital Group lowered its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 40.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,249 shares of the industrial products company's stock after selling 2,840 shares during the period. Cypress Capital Group's holdings in Avery Dennison were worth $756,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Avery Dennison by 19,370.0% in the 1st quarter. GAMMA Investing LLC now owns 428,730 shares of the industrial products company's stock worth $76,301,000 after acquiring an additional 426,528 shares during the period. DAVENPORT & Co LLC lifted its stake in shares of Avery Dennison by 905.0% in the 1st quarter. DAVENPORT & Co LLC now owns 324,095 shares of the industrial products company's stock worth $57,503,000 after acquiring an additional 291,848 shares during the period. Vanguard Group Inc. lifted its stake in shares of 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 worth $1,772,450,000 after acquiring an additional 277,554 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Avery Dennison in the 4th quarter worth $51,521,000. Finally, Nuveen LLC acquired a new stake in shares of Avery Dennison in the 1st quarter worth $46,322,000. Institutional investors and hedge funds own 94.17% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Robert W. Baird reduced their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Truist Financial reduced their price objective on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price objective for the company. Bank of America raised their price objective on shares of Avery Dennison from $195.00 to $208.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Finally, Raymond James Financial lifted their target price on shares of Avery Dennison from $194.00 to $200.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $197.60.

Avery Dennison Trading Down 1.7%

Avery Dennison stock traded down $3.04 during trading on Friday, reaching $174.72. The company had a trading volume of 513,843 shares, compared to its average volume of 690,586. Avery Dennison Corporation has a 12-month low of $157.00 and a 12-month high of $224.38. The stock's 50 day moving average price is $176.66 and its two-hundred day moving average price is $177.37. The firm has a market capitalization of $13.62 billion, a price-to-earnings ratio of 19.61, a PEG ratio of 2.73 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 released 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 firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the previous year, the firm earned $2.42 earnings per share. Avery Dennison's revenue was down .7% compared to the same quarter last year. As a group, equities analysts expect that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently declared 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 2.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's payout ratio is 42.20%.

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.