Gateway Investment Advisers LLC Reduces Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Gateway Investment Advisers LLC lowered its holdings in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 8.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 67,934 shares of the industrial products company's stock after selling 6,318 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.09% of Avery Dennison worth $12,090,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AVY. Nomura Holdings Inc. bought a new position in shares of Avery Dennison in the fourth quarter worth about $496,000. Renaissance Technologies LLC purchased a new stake in Avery Dennison in the 4th quarter worth approximately $11,396,000. Vontobel Holding Ltd. raised its stake in Avery Dennison by 11.7% during the 4th quarter. Vontobel Holding Ltd. now owns 1,434 shares of the industrial products company's stock worth $268,000 after acquiring an additional 150 shares during the period. DoubleLine ETF Adviser LP purchased a new position in Avery Dennison during the fourth quarter valued at approximately $1,702,000. Finally, Van ECK Associates Corp boosted its position in shares of Avery Dennison by 9.8% in the fourth quarter. Van ECK Associates Corp now owns 14,521 shares of the industrial products company's stock worth $2,717,000 after purchasing an additional 1,302 shares during the period. Institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Performance

NYSE:AVY opened at $179.95 on Friday. The company has a market cap of $14.07 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 2.07 and a beta of 0.88. Avery Dennison Co. has a 1 year low of $157.00 and a 1 year high of $233.48. The stock's 50 day simple moving average is $174.24 and its two-hundred day simple moving average is $183.34. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). The business had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.15 billion. Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. The company's revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the business posted $2.29 earnings per share. As a group, equities analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.94 dividend. This is an increase from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date is Wednesday, June 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.09%. Avery Dennison's dividend payout ratio (DPR) is presently 43.32%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVY. Barclays decreased their price objective on shares of Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $205.00 to $172.00 in a report on Thursday, April 24th. Wall Street Zen raised Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Truist Financial decreased their target price on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, UBS Group dropped their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Avery Dennison has an average rating of "Moderate Buy" and an average target price of $206.60.

Avery Dennison Company 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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