Deutsche Bank AG Cuts Stake in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Deutsche Bank AG reduced its stake in Avery Dennison Corporation by 27.9% in the first quarter, now holding approximately 335,521 shares valued at $59.7 million.
• Avery Dennison reported $2.42 EPS for its latest quarter, exceeding analysts' expectations by $0.04, but saw a 0.7% decline in revenue compared to the same quarter last year.
• The company declared a quarterly dividend of $0.94 per share, which equates to an annualized dividend yield of 2.2%.

Deutsche Bank AG lowered its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 27.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 335,521 shares of the industrial products company's stock after selling 129,958 shares during the period. Deutsche Bank AG owned about 0.43% of Avery Dennison worth $59,713,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Avery Dennison by 2.9% during 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 buying an additional 277,554 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of Avery Dennison by 3.7% in the 4th 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 purchasing an additional 150,572 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Avery Dennison by 12.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after purchasing an additional 250,359 shares during the period. Lazard Asset Management LLC lifted its position in shares of Avery Dennison by 4.0% in the 4th quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock worth $344,603,000 after purchasing an additional 71,435 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Avery Dennison by 17.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,582,933 shares of the industrial products company's stock worth $281,715,000 after purchasing an additional 233,062 shares during the period. Hedge funds and other institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Up 0.6%

NYSE:AVY opened at $171.86 on Tuesday. The firm has a market cap of $13.40 billion, a P/E ratio of 19.29, a P/E/G ratio of 2.63 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 Corporation has a fifty-two week low of $157.00 and a fifty-two week high of $224.38. The firm has a 50-day simple moving average of $176.85 and a two-hundred day simple moving average of $177.63.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. Avery Dennison's revenue was down .7% compared to the same quarter last year. During the same period last year, the business earned $2.42 EPS. Analysts predict that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

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

Wall Street Analyst Weigh In

AVY has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 target price for the company. Truist Financial decreased their price target 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. Citigroup increased their price target on shares of Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Bank of America increased their price target on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison has a consensus rating of "Moderate Buy" and a consensus price target 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.

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