Jefferies Financial Group Inc. purchased a new position in Avery Dennison Co. (NYSE:AVY - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,900 shares of the industrial products company's stock, valued at approximately $543,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVY. Vanguard Group Inc. lifted its position in shares of Avery Dennison by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after buying an additional 33,149 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of 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 purchasing an additional 150,572 shares in the last quarter. Ameriprise Financial Inc. grew its holdings 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 purchasing an additional 250,359 shares during the last quarter. Geode Capital Management LLC increased its position 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 boosted its position in Avery Dennison by 4.0% in the fourth quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock valued at $344,603,000 after buying an additional 71,435 shares in the last quarter. Institutional investors own 94.17% of the company's stock.
Analyst Ratings Changes
AVY has been the topic of several recent analyst reports. Truist Financial reduced their target price on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Argus cut Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Barclays lowered their price objective on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Jefferies Financial Group started coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target for the company. Finally, Raymond James cut their price objective on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $206.60.
Read Our Latest Stock Analysis on Avery Dennison
Avery Dennison Stock Performance
NYSE:AVY traded down $0.82 during mid-day trading on Wednesday, hitting $178.83. 752,585 shares of the stock were exchanged, compared to its average volume of 618,530. Avery Dennison Co. has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. The stock has a market capitalization of $13.98 billion, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88. The firm's 50-day simple moving average is $174.24 and its 200 day simple moving average is $183.60.
Avery Dennison (NYSE:AVY - Get Free Report) last released 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). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. The business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the previous year, the company earned $2.29 earnings per share. The firm's revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.
Avery Dennison Increases Dividend
The business 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 dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a dividend yield of 2.10%. Avery Dennison's payout ratio is 43.32%.
Insider Buying and Selling
In other news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the sale, the chairman now directly owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. This trade represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.84% of the stock is owned by corporate insiders.
About Avery Dennison
(
Free Report)
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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