Avery Dennison Corporation (NYSE:AVY) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Avery Dennison by 6.3%, owning approximately 140,505 shares valued at $25 million.
• Several other investors, including Choreo LLC and Spire Wealth Management, also boosted their holdings in Avery Dennison, reflecting strong institutional interest.
• Avery Dennison announced a quarterly dividend of $0.94 per share, with an annualized yield of 2.2%, scheduled for distribution on September 17th.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,505 shares of the industrial products company's stock after acquiring an additional 8,325 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Avery Dennison worth $25,006,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bayforest Capital Ltd acquired a new position in shares of Avery Dennison in the first quarter valued at approximately $27,000. Costello Asset Management INC purchased a new stake in Avery Dennison in the first quarter valued at approximately $40,000. American National Bank & Trust purchased a new stake in Avery Dennison in the first quarter valued at approximately $49,000. Grove Bank & Trust grew its holdings in 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. Finally, Abound Financial LLC purchased a new stake in Avery Dennison in the first quarter valued at approximately $71,000. Institutional investors and hedge funds own 94.17% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Truist Financial decreased their target price on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 target price for the company. Citigroup upped their target price on shares of Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $207.00 target price (down from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. 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 Down 1.9%

NYSE AVY traded down $3.39 during trading hours on Friday, reaching $174.38. 82,557 shares of the company traded hands, compared to its average volume of 747,388. Avery Dennison Corporation has a 12 month low of $157.00 and a 12 month high of $224.38. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $13.60 billion, a PE ratio of 19.58, a PEG ratio of 2.76 and a beta of 0.88. The company has a 50 day moving average of $176.77 and a two-hundred day moving average of $177.50.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.04. The company had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The firm's revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 earnings per share. As a group, equities analysts expect that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Dividend Announcement

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