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

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.

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

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.

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