Venturi Wealth Management LLC Cuts Stake in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Venturi Wealth Management LLC significantly reduced its stake in Avery Dennison Corporation by 66.7%, owning only 1,494 shares as of the latest quarter.
• Avery Dennison recently reported an earnings per share (EPS) of $2.42, slightly exceeding analysts' estimates, while experiencing a 0.7% decline in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $0.94 per share, which will be paid on September 17th, representing an annualized yield of 2.12%.

Venturi Wealth Management LLC cut its stake in Avery Dennison Corporation (NYSE:AVY - Free Report) by 66.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,494 shares of the industrial products company's stock after selling 2,998 shares during the quarter. Venturi Wealth Management LLC's holdings in Avery Dennison were worth $266,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in AVY. Choreo LLC grew its stake in shares of Avery Dennison by 1.5% during the first 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 in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Avery Dennison during the fourth quarter valued at about $496,000. Brown Advisory Inc. grew its stake in shares of Avery Dennison by 3.6% during the first 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 in the last quarter. GAMMA Investing LLC grew its stake in shares of Avery Dennison by 9.4% during the first quarter. GAMMA Investing LLC now owns 2,409 shares of the industrial products company's stock valued at $429,000 after acquiring an additional 207 shares in the last quarter. Finally, Spire Wealth Management grew its stake in shares of Avery Dennison by 630.9% during the first quarter. Spire Wealth Management now owns 2,200 shares of the industrial products company's stock valued at $392,000 after acquiring an additional 1,899 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVY has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on Avery Dennison in a research note on Tuesday, April 22nd. They set a "hold" rating and a $175.00 target price for the company. Barclays decreased their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Citigroup lifted their price target on Avery Dennison from $177.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wall Street Zen upgraded Avery Dennison from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, UBS Group decreased their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Avery Dennison has a consensus rating of "Moderate Buy" and a consensus price target of $197.60.

Avery Dennison Stock Performance

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

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

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.12%. Avery Dennison's payout ratio is currently 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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