Gallacher Capital Management LLC Purchases New Position in Avery Dennison Corporation (NYSE:AVY)

Gallacher Capital Management LLC bought a new stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,767 shares of the industrial products company's stock, valued at approximately $492,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Avery Dennison during the 4th quarter valued at about $188,643,000. 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. Raymond James Financial Inc. acquired a new stake in shares of Avery Dennison in the 4th quarter worth approximately $51,521,000. Finally, Ameriprise Financial Inc. lifted its stake 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 acquiring an additional 250,359 shares during the period. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Stock Performance

Shares of NYSE:AVY traded up $2.69 during midday trading on Tuesday, reaching $181.70. The company had a trading volume of 855,622 shares, compared to its average volume of 652,734. The company's 50 day moving average price is $179.39 and its 200 day moving average price is $179.51. 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 stock has a market cap of $14.21 billion, a P/E ratio of 20.93, a P/E/G ratio of 2.51 and a beta of 0.87. 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 posted its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.04. The company had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. Avery Dennison's revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.42 earnings per share. As a group, sell-side analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.07%. This is a boost 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 (DPR) is presently 43.32%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AVY shares. 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. Argus lowered shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Raymond James Financial increased their price target on shares of Avery Dennison from $194.00 to $200.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. UBS Group decreased their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Truist Financial decreased their price objective on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $197.50.

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.