Avery Dennison Corporation (NYSE:AVY) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 9.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,569 shares of the industrial products company's stock after selling 2,287 shares during the period. M&T Bank Corp's holdings in Avery Dennison were worth $3,839,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. HBK Sorce Advisory LLC raised its position in shares of Avery Dennison by 0.5% in the fourth quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock valued at $2,220,000 after buying an additional 58 shares during the last quarter. Baker Avenue Asset Management LP raised its position in shares of Avery Dennison by 5.7% in the fourth quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after buying an additional 59 shares during the last quarter. Grove Bank & Trust increased its position in Avery Dennison by 17.7% during the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock worth $70,000 after purchasing an additional 59 shares during the last quarter. Smith Moore & CO. increased its position in Avery Dennison by 1.4% during the fourth quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock worth $883,000 after purchasing an additional 63 shares during the last quarter. Finally, Assetmark Inc. increased its position in Avery Dennison by 22.5% during the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock worth $74,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Analyst Ratings Changes

AVY has been the subject of several research analyst reports. Raymond James Financial dropped their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. UBS Group dropped their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company 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. Bank of America boosted their price objective on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Jefferies Financial Group assumed coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $196.90.

Avery Dennison Stock Down 1.3%

NYSE AVY traded down $2.43 during trading hours on Friday, reaching $182.20. 487,015 shares of the company traded hands, compared to its average volume of 650,352. Avery Dennison Corporation has a 12 month low of $157.00 and a 12 month high of $233.48. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $14.24 billion, a PE ratio of 20.99, a PEG ratio of 2.59 and a beta of 0.87. The company has a 50 day moving average of $178.44 and a two-hundred day moving average of $179.96.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). Avery Dennison had a net margin of 7.98% and a return on equity of 33.11%. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter last year, the company earned $2.29 earnings per share. The company's revenue was down .1% compared to the same quarter last year. As a group, equities analysts expect that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.06%. This is an increase from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, June 4th. Avery Dennison's dividend payout ratio is 43.32%.

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.