Forsta AP Fonden Grows Stock Position in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Forsta AP Fonden significantly increased its holdings in Avery Dennison Corporation by acquiring an additional 28,100 shares, raising its total stake by 157.9% to 45,900 shares valued at approximately $8.17 million.
• Avery Dennison reported quarterly earnings of $2.42 per share, surpassing analyst estimates, despite a 0.7% decrease in revenue year-over-year, totaling $2.22 billion.
• The company has declared a quarterly dividend of $0.94 per share, reflecting a 2.2% dividend yield, with the next payment scheduled for September 17th.

Forsta AP Fonden raised its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 157.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,900 shares of the industrial products company's stock after purchasing an additional 28,100 shares during the period. Forsta AP Fonden owned 0.06% of Avery Dennison worth $8,169,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVY. Vanguard Group Inc. lifted its holdings in Avery Dennison by 2.9% in the first quarter. Vanguard Group Inc. now owns 9,959,263 shares of the industrial products company's stock worth $1,772,450,000 after buying an additional 277,554 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in 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 in the last quarter. Ameriprise Financial Inc. raised its position in shares of Avery Dennison by 12.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock valued at $409,014,000 after buying an additional 250,359 shares in the last quarter. Lazard Asset Management LLC grew its holdings in Avery Dennison by 4.0% during the 4th quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock valued at $344,603,000 after purchasing an additional 71,435 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in 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 acquiring an additional 233,062 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on AVY. JPMorgan Chase & Co. lifted their price objective on shares of Avery Dennison from $172.00 to $182.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Raymond James Financial boosted their price target on shares of Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. BMO Capital Markets reissued an "outperform" rating and issued a $207.00 price objective (down from $216.00) on shares of Avery Dennison in a research report on Wednesday, July 23rd. 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. Finally, Citigroup upped their target price on shares of Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $197.60.

Avery Dennison Stock Performance

AVY traded up $2.90 during trading hours on Tuesday, hitting $174.72. The stock had a trading volume of 906,031 shares, compared to its average volume of 653,399. The stock has a market cap of $13.62 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 2.64 and a beta of 0.88. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19. The company's fifty day simple moving average is $176.75 and its 200 day simple moving average is $177.61. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38.

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

Avery Dennison Dividend Announcement

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