Principal Financial Group Inc. Has $73.62 Million Stock Holdings in Avery Dennison Corporation (NYSE:AVY)

Principal Financial Group Inc. decreased its stake in Avery Dennison Corporation (NYSE:AVY - Free Report) by 1.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 413,677 shares of the industrial products company's stock after selling 4,422 shares during the quarter. Principal Financial Group Inc. owned approximately 0.53% of Avery Dennison worth $73,622,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of AVY. Norges Bank purchased a new stake in shares of Avery Dennison in the 4th quarter valued at about $188,643,000. GAMMA Investing LLC increased its position in Avery Dennison by 19,370.0% during the 1st quarter. GAMMA Investing LLC now owns 428,730 shares of the industrial products company's stock worth $76,301,000 after purchasing an additional 426,528 shares during the period. DAVENPORT & Co LLC grew its holdings in shares of Avery Dennison by 905.0% in the 1st quarter. DAVENPORT & Co LLC now owns 324,095 shares of the industrial products company's stock worth $57,503,000 after acquiring an additional 291,848 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Avery Dennison in the 4th quarter worth approximately $51,521,000. Finally, Ameriprise Financial Inc. lifted its stake in Avery Dennison by 12.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock valued at $409,014,000 after buying an additional 250,359 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVY. Robert W. Baird lowered their price target on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Truist Financial cut their price target on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. lowered shares of Avery Dennison from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $205.00 to $172.00 in a research note on Thursday, April 24th. Bank of America lifted their price objective on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, UBS Group lowered their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Avery Dennison has a consensus rating of "Moderate Buy" and a consensus target price of $205.51.

Avery Dennison Stock Performance

Shares of AVY traded up $0.87 during trading hours on Wednesday, reaching $183.11. 301,676 shares of the company traded hands, compared to its average volume of 648,278. The stock's fifty day moving average is $177.89 and its 200 day moving average is $179.96. The stock has a market cap of $14.31 billion, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 2.89 and a beta of 0.87. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.68 and a current ratio of 1.03. Avery Dennison Corporation has a 1-year low of $157.00 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings results 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 company 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 revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $2.29 EPS. Equities research analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were paid a $0.94 dividend. This is an increase 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 yield of 2.05%. Avery Dennison's dividend payout ratio is presently 43.32%.

Avery Dennison Company 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.