Mackenzie Financial Corp Increases Position in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Mackenzie Financial Corp increased its stake in Avery Dennison Corporation by 139.2%, now owning 30,791 shares worth approximately $5.48 million.
• Avery Dennison's stock currently has a consensus rating of Moderate Buy with a price target of $197.60, as multiple analysts have revised their outlooks.
• The company recently announced a quarterly dividend of $0.94 per share, with a dividend yield of 2.3%, scheduled to be paid on September 17th.

Mackenzie Financial Corp boosted its stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 139.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 30,791 shares of the industrial products company's stock after acquiring an additional 17,917 shares during the period. Mackenzie Financial Corp's holdings in Avery Dennison were worth $5,480,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVY. American National Bank & Trust purchased a new position in Avery Dennison during the first quarter worth about $49,000. Grove Bank & Trust raised its stake in shares of Avery Dennison by 17.7% in the 1st quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after acquiring an additional 59 shares during the period. Abound Financial LLC purchased a new stake in shares of Avery Dennison in the 1st quarter valued at approximately $71,000. Headlands Technologies LLC purchased a new stake in shares of Avery Dennison in the 4th quarter valued at approximately $79,000. Finally, Quarry LP raised its stake in shares of Avery Dennison by 255.3% in the 4th quarter. Quarry LP now owns 501 shares of the industrial products company's stock valued at $94,000 after acquiring an additional 360 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVY. Truist Financial reduced their price target on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. UBS Group dropped their price objective 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. Barclays dropped their price objective 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. Finally, Robert W. Baird dropped their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $197.60.

Avery Dennison Stock Performance

NYSE AVY traded up $1.53 during trading hours on Monday, hitting $167.35. The company had a trading volume of 442,091 shares, compared to its average volume of 611,239. 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 Corporation has a 1-year low of $157.00 and a 1-year high of $224.38. The company has a market cap of $13.05 billion, a PE ratio of 18.78, a price-to-earnings-growth ratio of 2.55 and a beta of 0.88. The business has a 50 day moving average of $177.95 and a 200-day moving average of $178.57.

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, beating the consensus estimate of $2.38 by $0.04. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. Avery Dennison's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.42 earnings per share. As a group, equities research analysts expect that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.94 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. Avery Dennison's dividend payout ratio is currently 42.20%.

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.