Nuveen LLC Invests $46.32 Million in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Nuveen LLC has made a significant investment in Avery Dennison Corporation, purchasing 260,279 shares worth approximately $46.32 million during the first quarter, equating to about 0.33% ownership of the company.
• Avery Dennison recently reported earnings of $2.42 EPS, surpassing analyst expectations, though its revenue of $2.22 billion fell slightly short of estimates.
• The company declared a quarterly dividend of $0.94 per share, with an annualized dividend yield of 2.1% and a payout ratio of 42.20%.

Nuveen LLC purchased a new position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 260,279 shares of the industrial products company's stock, valued at approximately $46,322,000. Nuveen LLC owned approximately 0.33% of Avery Dennison at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Avery Dennison by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 9,959,263 shares of the industrial products company's stock worth $1,772,450,000 after purchasing an additional 277,554 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Avery Dennison by 3.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock worth $790,683,000 after purchasing an additional 150,572 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Avery Dennison by 12.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after purchasing an additional 250,359 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Avery Dennison by 4.0% during the 4th quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock worth $344,603,000 after purchasing an additional 71,435 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Avery Dennison by 17.3% during the 1st quarter. Victory Capital Management Inc. now owns 1,582,933 shares of the industrial products company's stock worth $281,715,000 after purchasing an additional 233,062 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of recent research reports. BMO Capital Markets reaffirmed an "outperform" rating and set a $207.00 price target (down from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price objective on Avery Dennison from $172.00 to $182.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective on the stock. Raymond James Financial increased their price objective on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Barclays lowered their price objective on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Avery Dennison presently has an average rating of "Moderate Buy" and an average price target of $197.60.

Avery Dennison Stock Performance

Shares of NYSE AVY opened at $177.79 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.04 and a debt-to-equity ratio of 1.19. The business's 50 day moving average is $176.77 and its two-hundred day moving average is $177.50. The company has a market cap of $13.86 billion, a P/E ratio of 19.95, a P/E/G ratio of 2.76 and a beta of 0.88. Avery Dennison Corporation has a 12 month low of $157.00 and a 12 month high of $224.38.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.38 by $0.04. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.23 billion. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The company's revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the business posted $2.42 EPS. On average, equities analysts expect that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be given 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 dividend yield of 2.1%. Avery Dennison's 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.

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