Intact Investment Management Inc. Purchases New Holdings in Avery Dennison Corporation (NYSE:AVY)

Intact Investment Management Inc. bought a new stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 4,500 shares of the industrial products company's stock, valued at approximately $801,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Avery Dennison by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock valued at $1,811,738,000 after buying an additional 33,149 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings 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 valued at $790,683,000 after acquiring an additional 150,572 shares in the last quarter. Ameriprise Financial Inc. lifted its position 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. Geode Capital Management LLC grew its holdings in shares of Avery Dennison by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock worth $392,445,000 after purchasing an additional 13,815 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of 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 worth $344,603,000 after purchasing an additional 71,435 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Avery Dennison Price Performance

Shares of NYSE AVY traded down $0.67 during mid-day trading on Thursday, hitting $175.93. 875,013 shares of the stock were exchanged, compared to its average volume of 636,918. Avery Dennison Corporation has a twelve month low of $157.00 and a twelve month high of $233.48. The stock's fifty day simple moving average is $176.33 and its two-hundred day simple moving average is $180.93. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.68 and a current ratio of 1.03. The company has a market cap of $13.75 billion, a P/E ratio of 20.27, a PEG ratio of 2.83 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly 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 for 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 company's revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 earnings per share. As a group, analysts forecast that Avery Dennison Corporation will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a dividend of $0.94 per share. This is an increase from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.76 annualized dividend and a yield of 2.14%. Avery Dennison's dividend payout ratio is 43.32%.

Analyst Ratings Changes

Several brokerages recently commented on AVY. JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $205.00 to $172.00 in a research report on Thursday, April 24th. Jefferies Financial Group began coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. UBS Group decreased their target price on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Robert W. Baird dropped their price target on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, 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 research note on Friday, April 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Avery Dennison currently has a consensus rating of "Moderate Buy" and a consensus 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.