Price T Rowe Associates Inc. MD grew its position in shares of Avery Dennison Corp (NYSE:AVY) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,555,193 shares of the industrial products company’s stock after purchasing an additional 626,277 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.07% of Avery Dennison worth $642,625,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. lifted its stake in shares of Avery Dennison by 14.2% in the second quarter. Invesco Ltd. now owns 1,871,043 shares of the industrial products company’s stock worth $216,442,000 after acquiring an additional 233,009 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Avery Dennison by 77.1% in the second quarter. Victory Capital Management Inc. now owns 1,857,542 shares of the industrial products company’s stock worth $214,881,000 after acquiring an additional 808,710 shares during the period. Marshall Wace North America L.P. lifted its stake in shares of Avery Dennison by 106.4% in the second quarter. Marshall Wace North America L.P. now owns 1,031,090 shares of the industrial products company’s stock worth $119,277,000 after acquiring an additional 531,517 shares during the period. Northern Trust Corp lifted its stake in shares of Avery Dennison by 1.5% in the second quarter. Northern Trust Corp now owns 1,023,724 shares of the industrial products company’s stock worth $118,425,000 after acquiring an additional 15,323 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Avery Dennison by 1.6% in the first quarter. Principal Financial Group Inc. now owns 1,014,222 shares of the industrial products company’s stock worth $114,608,000 after acquiring an additional 16,020 shares during the period. 88.34% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on AVY. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison in a research note on Friday, September 13th. Bank of America raised Avery Dennison from a “neutral” rating to a “buy” rating and set a $130.00 price objective on the stock in a research note on Friday, September 13th. ValuEngine lowered Avery Dennison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. Berenberg Bank began coverage on Avery Dennison in a research note on Thursday, August 15th. They issued a “buy” rating and a $130.00 price objective on the stock. Finally, UBS Group cut their price objective on Avery Dennison from $130.00 to $129.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Avery Dennison has a consensus rating of “Hold” and an average target price of $123.33.
AVY stock traded up $0.10 during mid-day trading on Wednesday, reaching $112.43. The company’s stock had a trading volume of 191,437 shares, compared to its average volume of 467,188. The company has a market cap of $9.50 billion, a price-to-earnings ratio of 18.55, a price-to-earnings-growth ratio of 2.09 and a beta of 1.33. The business’s 50 day moving average price is $113.52 and its 200 day moving average price is $111.65. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 1.41. Avery Dennison Corp has a 12 month low of $82.89 and a 12 month high of $120.65.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.04. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.83 billion. Avery Dennison had a return on equity of 52.67% and a net margin of 3.44%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.66 earnings per share. As a group, equities analysts expect that Avery Dennison Corp will post 6.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a $0.58 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $2.32 dividend on an annualized basis and a yield of 2.06%. Avery Dennison’s payout ratio is currently 38.28%.
Avery Dennison Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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