DAVENPORT & Co LLC Purchases 291,848 Shares of Avery Dennison Corporation (NYSE:AVY)

DAVENPORT & Co LLC grew its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 905.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 324,095 shares of the industrial products company's stock after purchasing an additional 291,848 shares during the quarter. DAVENPORT & Co LLC owned about 0.41% of Avery Dennison worth $57,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVY. Vanguard Group Inc. boosted its holdings in Avery Dennison by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after acquiring an additional 33,149 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Avery Dennison by 3.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock worth $790,683,000 after acquiring an additional 150,572 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Avery Dennison by 12.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after acquiring an additional 250,359 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Avery Dennison by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock worth $392,445,000 after acquiring an additional 13,815 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in Avery Dennison by 4.0% in the fourth quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock worth $344,603,000 after acquiring an additional 71,435 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVY has been the topic of several recent research reports. UBS Group cut their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Truist Financial lowered their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird lowered their price objective on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Argus downgraded Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Finally, Barclays lowered their price objective on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Avery Dennison currently has a consensus rating of "Moderate Buy" and an average price target of $206.60.

Avery Dennison Stock Performance

Shares of AVY stock traded down $0.19 during trading on Friday, hitting $183.24. The company's stock had a trading volume of 339,849 shares, compared to its average volume of 651,493. The company has a market cap of $14.33 billion, a PE ratio of 21.11, a P/E/G ratio of 2.94 and a beta of 0.87. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.19. The business has a fifty day moving average of $177.48 and a 200-day moving average of $180.09. Avery Dennison Corporation has a 52 week low of $157.00 and a 52 week high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last released its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.32 by ($0.02). The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. The business's revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $2.29 earnings per share. As a group, research analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.05%. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Wednesday, June 4th. Avery Dennison's dividend payout ratio is 43.32%.

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.