Private Advisor Group LLC Sells 2,619 Shares of Avery Dennison Corporation (NYSE:AVY)

Key Points

• Private Advisor Group LLC reduced its shareholding in Avery Dennison Corporation by 21.5%, selling 2,619 shares and owning 9,574 shares valued at $1.7 million by the end of the last quarter.
• Multiple analysts have recently revised their price targets for Avery Dennison, with BMO Capital Markets setting a new target at $207.00, down from $216.00, while UBS cut its target to $189.00.
• Avery Dennison announced a quarterly dividend of $0.94 per share, payable on September 17, representing an annualized yield of 2.12%.

Private Advisor Group LLC trimmed its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 21.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,574 shares of the industrial products company's stock after selling 2,619 shares during the period. Private Advisor Group LLC's holdings in Avery Dennison were worth $1,704,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AVY. Quantbot Technologies LP acquired a new position in shares of Avery Dennison during the 4th quarter worth approximately $577,000. American Century Companies Inc. grew its stake in shares of Avery Dennison by 4.2% in the fourth quarter. American Century Companies Inc. now owns 20,382 shares of the industrial products company's stock valued at $3,814,000 after buying an additional 819 shares in the last quarter. LPL Financial LLC increased its holdings in Avery Dennison by 1.9% during the fourth quarter. LPL Financial LLC now owns 61,490 shares of the industrial products company's stock worth $11,507,000 after buying an additional 1,148 shares during the last quarter. TIAA Trust National Association raised its position in Avery Dennison by 13.0% during the fourth quarter. TIAA Trust National Association now owns 2,580 shares of the industrial products company's stock worth $483,000 after acquiring an additional 297 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its stake in Avery Dennison by 126.1% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,582 shares of the industrial products company's stock valued at $483,000 after acquiring an additional 1,440 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented 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. BMO Capital Markets reissued an "outperform" rating and issued a $207.00 price objective (down previously from $216.00) on shares of Avery Dennison in a research report on Wednesday. Barclays decreased their price objective on shares of Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Wall Street Zen raised shares of Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, UBS Group decreased their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $197.60.

Avery Dennison Stock Performance

NYSE AVY opened at $177.70 on Friday. The firm has a 50-day moving average of $179.09 and a 200-day moving average of $179.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.68 and a current ratio of 1.04. The stock has a market cap of $13.89 billion, a PE ratio of 19.94, a P/E/G ratio of 2.75 and a beta of 0.87. Avery Dennison Corporation has a 52-week low of $157.00 and a 52-week high of $224.38.

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

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders 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 2.12%. Avery Dennison's payout ratio is presently 42.20%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.