Avery Dennison Corporation (NYSE:AVY) Position Increased by Entropy Technologies LP

Key Points

• Entropy Technologies LP has significantly increased its stake in Avery Dennison Corporation by 375.4% in the first quarter, now holding shares valued at approximately $1.82 million.
• Several hedge funds have also bolstered their positions, with GAMMA Investing LLC raising its stake by 19,370.0%, bringing its total shares to 428,730 valued at $76.3 million.
• Avery Dennison recently reported $2.42 earnings per share, exceeding analysts' estimates, and declared a quarterly dividend of $0.94, resulting in an annualized yield of 2.2%.

Entropy Technologies LP boosted its stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 375.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 10,230 shares of the industrial products company's stock after buying an additional 8,078 shares during the period. Entropy Technologies LP's holdings in Avery Dennison were worth $1,821,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bayforest Capital Ltd purchased a new position in Avery Dennison in the first quarter valued at about $27,000. Costello Asset Management INC purchased a new position in Avery Dennison during the first quarter valued at approximately $40,000. American National Bank & Trust purchased a new position in Avery Dennison during the first quarter valued at approximately $49,000. Grove Bank & Trust increased its position in shares of Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after buying an additional 59 shares in the last quarter. Finally, Abound Financial LLC purchased a new stake in shares of Avery Dennison in the first quarter valued at approximately $71,000. Hedge funds and other institutional investors own 94.17% of the company's stock.

Avery Dennison Trading Up 2.8%

NYSE AVY traded up $4.85 during trading hours on Wednesday, hitting $179.52. 581,235 shares of the company's stock were exchanged, compared to its average volume of 677,689. The business's 50 day moving average is $176.76 and its 200-day moving average is $177.63. 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 $14.00 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 2.69 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter last year, the firm earned $2.42 earnings per share. The company's revenue for the quarter was down .7% compared to the same quarter last year. As a group, analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders 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 yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's dividend payout ratio (DPR) is currently 42.20%.

Analysts Set New Price Targets

AVY has been the topic of a number of research analyst reports. Bank of America lifted their price target on Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Robert W. Baird cut their price objective on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Citigroup increased their price objective on Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Jefferies Financial Group started coverage on Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Avery Dennison from $172.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average 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.