Principal Financial Group Inc. Decreases Stock Holdings in Avery Dennison Corporation (NYSE:AVY)

Principal Financial Group Inc. lessened its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 413,677 shares of the industrial products company's stock after selling 4,422 shares during the period. Principal Financial Group Inc. owned about 0.53% of Avery Dennison worth $73,622,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. HBK Sorce Advisory LLC grew its holdings in shares of Avery Dennison by 0.5% in the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock valued at $2,220,000 after acquiring an additional 58 shares in the last quarter. Baker Avenue Asset Management LP lifted its stake in Avery Dennison by 5.7% in the 4th quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after purchasing an additional 59 shares during the last quarter. Grove Bank & Trust lifted its stake in 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 purchasing an additional 59 shares during the last quarter. Smith Moore & CO. lifted its stake in Avery Dennison by 1.4% in the 4th quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock valued at $883,000 after purchasing an additional 63 shares during the last quarter. Finally, Assetmark Inc. lifted its stake in Avery Dennison by 22.5% in the 4th quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock valued at $74,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Performance

Shares of AVY stock traded down $0.19 during trading hours on Friday, hitting $183.24. 339,849 shares of the company were exchanged, compared to its average volume of 651,493. Avery Dennison Corporation has a 52-week low of $157.00 and a 52-week high of $233.48. The stock has a market capitalization of $14.33 billion, a price-to-earnings ratio of 21.11, a P/E/G 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 fifty day simple moving average of $177.48 and a 200 day simple moving average of $180.04.

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

Avery Dennison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.94 dividend. The ex-dividend date was Wednesday, June 4th. This is an increase from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.05%. Avery Dennison's payout ratio is currently 43.32%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Argus downgraded shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Raymond James Financial dropped their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $205.00 to $172.00 in a research report on Thursday, April 24th. Robert W. Baird dropped their price target on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Jefferies Financial Group started coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price target for the company. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $206.60.

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.