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M&T Bank Corp Cuts Stake in Avery Dennison Corporation (NYSE:AVY)

Avery Dennison logo with Industrials background

M&T Bank Corp decreased its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. American National Bank & Trust purchased a new stake in Avery Dennison in the 1st quarter valued at approximately $49,000. Grove Bank & Trust lifted its holdings 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 buying an additional 59 shares during the period. Abound Financial LLC purchased a new stake in shares of Avery Dennison in the first quarter valued at approximately $71,000. Assetmark Inc. grew its holdings 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 acquiring an additional 73 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Avery Dennison by 49.8% during the fourth quarter. Farther Finance Advisors LLC now owns 409 shares of the industrial products company's stock worth $77,000 after acquiring an additional 136 shares during the period. Hedge funds and other institutional investors own 94.17% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on AVY shares. Argus downgraded Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Jefferies Financial Group assumed coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective on the stock. Barclays dropped their target price 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, Bank of America boosted their price target on Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday. 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.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $198.60.

Get Our Latest Stock Report on Avery Dennison

Avery Dennison Trading Up 0.5%

Shares of AVY stock opened at $184.50 on Friday. The company has a market capitalization of $14.42 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 2.94 and a beta of 0.87. 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 firm has a 50-day moving average price of $178.44 and a 200 day moving average price of $179.96. Avery Dennison Corporation has a twelve month low of $157.00 and a twelve month high of $233.48.

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

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a dividend of $0.94 per share. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, June 4th. This represents a $3.76 annualized dividend and a dividend yield of 2.04%. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

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.

Further Reading

Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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