Zions Bancorporation National Association UT Makes New Investment in Avery Dennison Corporation (NYSE:AVY)

Key Points

• Zions Bancorporation purchased a new stake in Avery Dennison, acquiring 5,427 shares valued at approximately $966,000 during the 1st quarter.
• Avery Dennison's quarterly earnings report showed an EPS of $2.42, surpassing expectations, despite a 0.7% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.94 per share, resulting in an annualized dividend yield of 2.2%.

Zions Bancorporation National Association UT purchased a new stake in Avery Dennison Corporation (NYSE:AVY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,427 shares of the industrial products company's stock, valued at approximately $966,000.

Several other hedge funds and other institutional investors also recently modified their holdings of AVY. Bayforest Capital Ltd bought a new position in shares of Avery Dennison in the 1st quarter valued at $27,000. Costello Asset Management INC acquired a new stake in shares of Avery Dennison during the 1st quarter valued at $40,000. American National Bank & Trust acquired a new stake in shares of Avery Dennison during the 1st quarter valued at $49,000. Grove Bank & Trust boosted its holdings in shares of Avery Dennison by 17.7% during the 1st quarter. Grove Bank & Trust now owns 393 shares of the industrial products company's stock valued at $70,000 after acquiring an additional 59 shares in the last quarter. Finally, Abound Financial LLC acquired a new stake in shares of Avery Dennison during the 1st quarter valued at $71,000. Institutional investors own 94.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Argus downgraded Avery Dennison from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Raymond James Financial raised their price objective on Avery Dennison from $194.00 to $200.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Truist Financial cut their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Citigroup raised their price objective on Avery Dennison from $177.00 to $185.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, Wall Street Zen raised Avery Dennison from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Avery Dennison presently has a consensus rating of "Moderate Buy" and an average price target of $197.60.

Avery Dennison Stock Up 0.5%

Shares of AVY opened at $170.84 on Friday. The company has a market capitalization of $13.32 billion, a PE ratio of 19.17, a PEG ratio of 2.63 and a beta of 0.88. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19. The stock's 50-day moving average price is $176.93 and its two-hundred day moving average price is $177.88. Avery Dennison Corporation has a 12 month low of $157.00 and a 12 month high of $224.38.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. The company had revenue of $2.22 billion for 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%. The firm's revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.42 EPS. On average, analysts anticipate that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. 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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