Illinois Municipal Retirement Fund Lowers Holdings in Avery Dennison Corporation (NYSE:AVY)

Illinois Municipal Retirement Fund trimmed its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 43.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,109 shares of the industrial products company's stock after selling 20,041 shares during the period. Illinois Municipal Retirement Fund's holdings in Avery Dennison were worth $4,647,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Avery Dennison in the 4th quarter valued at $188,643,000. GAMMA Investing LLC increased its holdings in 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in Avery Dennison in the 4th quarter worth $51,521,000. Ameriprise Financial Inc. increased its holdings in 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 in the last quarter. Finally, Johnson Investment Counsel Inc. increased its holdings in Avery Dennison by 1,305.6% in the 1st quarter. Johnson Investment Counsel Inc. now owns 264,452 shares of the industrial products company's stock worth $47,065,000 after acquiring an additional 245,638 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Down 0.3%

Shares of NYSE AVY traded down $0.45 during midday trading on Friday, hitting $175.50. The company's stock had a trading volume of 2,489,558 shares, compared to its average volume of 645,096. The business's fifty day simple moving average is $176.52 and its two-hundred day simple moving average is $180.44. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.03 and a quick ratio of 0.68. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $233.48. The firm has a market capitalization of $13.72 billion, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 2.81 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.32 by ($0.02). The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. The firm's revenue was down .1% compared to the same quarter last year. During the same period last year, the business earned $2.29 EPS. On average, equities analysts predict that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.94 per share. The ex-dividend date was Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.14%. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BMO Capital Markets cut their price target on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Truist Financial dropped their target price 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. Barclays dropped their target price on shares of Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. UBS Group dropped their target price 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, Robert W. Baird lowered their price target on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and an average price target of $206.60.

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.