LPL Financial LLC Trims Stock Position in Avery Dennison Corporation (NYSE:AVY)

Key Points

• LPL Financial LLC reduced its stake in Avery Dennison Corporation by 10.4%, selling 6,392 shares in the first quarter, resulting in ownership of 55,098 shares worth approximately $9.8 million.
• Avery Dennison has received mixed ratings from analysts, with six analysts rating it as a "hold" and six as a "buy," while Citigroup raised its price objective from $177 to $185, indicating positive sentiment.
• The company announced a quarterly dividend of $0.94, representing an annualized yield of 2.2%, with a payout ratio of 42.20%, highlighting its commitment to returning value to shareholders.

LPL Financial LLC reduced its stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 10.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,098 shares of the industrial products company's stock after selling 6,392 shares during the quarter. LPL Financial LLC owned approximately 0.07% of Avery Dennison worth $9,806,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. American National Bank & Trust acquired a new position in Avery Dennison during the 1st quarter valued at about $49,000. Grove Bank & Trust increased its holdings in shares of Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after purchasing an additional 59 shares during the period. Abound Financial LLC acquired a new position in shares of Avery Dennison in the first quarter valued at about $71,000. Quarry LP increased its holdings in shares of Avery Dennison by 255.3% in the fourth quarter. Quarry LP now owns 501 shares of the industrial products company's stock valued at $94,000 after purchasing an additional 360 shares during the period. Finally, GeoWealth Management LLC grew its holdings in Avery Dennison by 187.6% during the fourth quarter. GeoWealth Management LLC now owns 535 shares of the industrial products company's stock worth $100,000 after acquiring an additional 349 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 0.6%

Shares of NYSE:AVY traded up $1.05 on Monday, hitting $171.86. 714,531 shares of the company's stock were exchanged, compared to its average volume of 751,134. The firm's 50-day moving average is $176.93 and its 200 day moving average is $177.77. The company has a market capitalization of $13.40 billion, a PE ratio of 19.29, a P/E/G ratio of 2.63 and a beta of 0.88. Avery Dennison Corporation has a 1-year low of $157.00 and a 1-year high of $224.38. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.04. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The business had revenue of $2.22 billion during the quarter, compared to analysts' expectations of $2.23 billion. During the same period in the prior year, the firm posted $2.42 EPS. The business's quarterly revenue was down .7% compared to the same quarter last year. Sell-side analysts predict that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison's payout ratio is presently 42.20%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Argus cut shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Jefferies Financial Group assumed coverage on Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 target price on the stock. Raymond James Financial lifted their target price on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price objective on Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Finally, Truist Financial lowered their target price on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $197.60.

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.