Resona Asset Management Co. Ltd. Buys 2,474 Shares of Avery Dennison Corporation (NYSE:AVY)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Avery Dennison Corporation by 10.4% during the 1st quarter, owning a total of 26,358 shares valued at approximately $4.68 million.
• Avery Dennison recently announced a quarterly dividend of $0.94 per share, representing an annualized total of $3.76 and a dividend yield of 2.2%.
• The company reported earnings of $2.42 per share for the last quarter, exceeding analysts' expectations, although its revenue declined by 0.7% year-over-year.

Resona Asset Management Co. Ltd. raised its stake in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 10.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,358 shares of the industrial products company's stock after acquiring an additional 2,474 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Avery Dennison were worth $4,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Choreo LLC lifted its stake in Avery Dennison by 1.5% during the 1st quarter. Choreo LLC now owns 12,380 shares of the industrial products company's stock valued at $2,203,000 after acquiring an additional 185 shares during the period. Nomura Holdings Inc. bought a new position in Avery Dennison during the 4th quarter valued at about $496,000. Brown Advisory Inc. lifted its stake in Avery Dennison by 3.6% during the 1st quarter. Brown Advisory Inc. now owns 2,169 shares of the industrial products company's stock valued at $386,000 after acquiring an additional 76 shares during the period. GAMMA Investing LLC lifted its stake in shares of Avery Dennison by 9.4% in the 1st quarter. GAMMA Investing LLC now owns 2,409 shares of the industrial products company's stock worth $429,000 after purchasing an additional 207 shares during the period. Finally, Spire Wealth Management lifted its stake in shares of Avery Dennison by 630.9% in the 1st quarter. Spire Wealth Management now owns 2,200 shares of the industrial products company's stock worth $392,000 after purchasing an additional 1,899 shares during the period. Institutional investors own 94.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Robert W. Baird lowered their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. BMO Capital Markets reiterated an "outperform" rating and issued a $207.00 price objective (down previously from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Wall Street Zen upgraded shares of Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Bank of America raised their target price on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $197.60.

Avery Dennison Trading Down 1.7%

AVY stock opened at $174.72 on Friday. The firm has a fifty day moving average price of $176.66 and a 200 day moving average price of $177.37. Avery Dennison Corporation has a fifty-two week low of $157.00 and a fifty-two week high of $224.38. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04. The firm has a market cap of $13.62 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 2.73 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly 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 the consensus estimate of $2.23 billion. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. Avery Dennison's revenue was down .7% on a year-over-year basis. During the same period last year, the company earned $2.42 earnings per share. Sell-side analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share 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. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 3rd. Avery Dennison's dividend payout ratio (DPR) is 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.

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