Avery Dennison Corporation (NYSE:AVY) Shares Bought by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board increased its stake in Avery Dennison Corporation by 226.1% in the first quarter, holding 4,868 shares valued at $866,000 by the end of the reporting period.
• Avery Dennison recently declared a quarterly dividend of $0.94 per share, which will be paid on September 17th, representing an annualized dividend of $3.76 and a yield of 2.2%.
• In its latest quarter, Avery Dennison reported $2.42 earnings per share, exceeding analysts' expectations of $2.38, despite a 0.7% decline in revenue year-over-year.

Ontario Teachers Pension Plan Board boosted its holdings in Avery Dennison Corporation (NYSE:AVY - Free Report) by 226.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,868 shares of the industrial products company's stock after purchasing an additional 3,375 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Avery Dennison were worth $866,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in AVY. Bank of Nova Scotia increased its stake in Avery Dennison by 4.1% in the fourth quarter. Bank of Nova Scotia now owns 10,735 shares of the industrial products company's stock valued at $2,009,000 after purchasing an additional 426 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Avery Dennison during the fourth quarter worth about $11,396,000. Advisory Services Network LLC increased its stake in Avery Dennison by 12.3% during the fourth quarter. Advisory Services Network LLC now owns 2,731 shares of the industrial products company's stock worth $511,000 after acquiring an additional 300 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Avery Dennison during the fourth quarter worth about $51,521,000. Finally, Treasurer of the State of North Carolina increased its stake in Avery Dennison by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 35,230 shares of the industrial products company's stock worth $6,593,000 after acquiring an additional 220 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Up 1.5%

AVY traded up $2.68 on Wednesday, reaching $177.35. The company's stock had a trading volume of 208,371 shares, compared to its average volume of 748,581. The stock has a market cap of $13.83 billion, a price-to-earnings ratio of 19.98, a price-to-earnings-growth ratio of 2.64 and a beta of 0.88. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.04 and a quick ratio of 0.70. The business's 50 day moving average is $176.75 and its 200 day moving average is $177.61.

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

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Wednesday, September 3rd. Avery Dennison's dividend payout ratio (DPR) is currently 42.20%.

Analysts Set New Price Targets

Several equities research analysts have commented on AVY shares. Wall Street Zen upgraded Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Argus downgraded Avery Dennison from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. upped their target price on Avery Dennison from $172.00 to $182.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Raymond James Financial upped their target price on Avery Dennison from $194.00 to $200.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Robert W. Baird decreased their target price on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Six equities 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, Avery Dennison currently has a consensus rating of "Moderate Buy" and a consensus price target of $197.60.

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.