Teacher Retirement System of Texas Purchases 70,327 Shares of Avery Dennison Corporation (NYSE:AVY)

Teacher Retirement System of Texas lifted its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 106.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,157 shares of the industrial products company's stock after buying an additional 70,327 shares during the quarter. Teacher Retirement System of Texas owned about 0.17% of Avery Dennison worth $24,232,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. HBK Sorce Advisory LLC grew its holdings in Avery Dennison by 0.5% during the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock worth $2,220,000 after acquiring an additional 58 shares during the period. Baker Avenue Asset Management LP grew its stake in Avery Dennison by 5.7% during the fourth quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock worth $206,000 after purchasing an additional 59 shares during the period. Grove Bank & Trust increased its holdings in Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock worth $70,000 after purchasing an additional 59 shares in the last quarter. Smith Moore & CO. increased its holdings in Avery Dennison by 1.4% in the fourth quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock worth $883,000 after purchasing an additional 63 shares in the last quarter. Finally, Assetmark Inc. lifted its stake in Avery Dennison by 22.5% in the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock valued at $74,000 after buying an additional 73 shares during the period. Institutional investors own 94.17% of the company's stock.

Analyst Ratings Changes

AVY has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They issued a "hold" rating and a $175.00 price objective for the company. Raymond James Financial decreased 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 note on Tuesday, April 22nd. UBS Group cut 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. JPMorgan Chase & Co. downgraded Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $205.00 to $172.00 in a research note on Thursday, April 24th. Finally, BMO Capital Markets dropped their price target on Avery Dennison from $226.00 to $216.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $206.60.

Avery Dennison Trading Down 0.1%

AVY opened at $183.24 on Friday. The firm has a market capitalization of $14.33 billion, a PE ratio of 21.11, a P/E/G ratio of 2.94 and a beta of 0.87. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.03 and a quick ratio of 0.68. Avery Dennison Corporation has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The company's 50-day moving average is $177.22 and its 200 day moving average is $180.15.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $2.15 billion during the quarter, compared to analysts' expectations of $2.15 billion. Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The business's revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the company earned $2.29 earnings per share. As a group, research analysts predict that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

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

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.

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