Zurich Insurance Group Ltd FI Purchases New Shares in Avery Dennison Co. (NYSE:AVY)

Zurich Insurance Group Ltd FI bought a new stake in shares of Avery Dennison Co. (NYSE:AVY) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,200 shares of the industrial products company’s stock, valued at approximately $1,607,000.

A number of other institutional investors have also recently modified their holdings of AVY. Cerity Partners LLC raised its holdings in shares of Avery Dennison by 4,159.9% during the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock worth $240,819,000 after buying an additional 1,163,264 shares in the last quarter. Norges Bank acquired a new position in Avery Dennison in the 4th quarter worth about $185,292,000. Corient Private Wealth LLC increased its holdings in Avery Dennison by 1,429.4% in the 4th quarter. Corient Private Wealth LLC now owns 262,697 shares of the industrial products company’s stock worth $53,107,000 after purchasing an additional 245,520 shares in the last quarter. Jennison Associates LLC acquired a new position in Avery Dennison in the 1st quarter worth about $44,837,000. Finally, Schroder Investment Management Group increased its holdings in Avery Dennison by 2,707.5% in the 4th quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock worth $39,939,000 after purchasing an additional 190,525 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Stock Up 0.5 %

NYSE:AVY traded up $1.10 on Tuesday, hitting $214.01. The stock had a trading volume of 126,986 shares, compared to its average volume of 449,343. The business’s fifty day moving average is $222.58 and its 200 day moving average is $216.30. The company has a market cap of $17.24 billion, a PE ratio of 31.09, a P/E/G ratio of 1.77 and a beta of 0.88. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. Avery Dennison Co. has a 52 week low of $165.21 and a 52 week high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.16. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.92 earnings per share. On average, equities research analysts expect that Avery Dennison Co. will post 9.39 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.64%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AVY shares. StockNews.com raised Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Robert W. Baird increased their price target on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Argus increased their price target on Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. BMO Capital Markets decreased their price target on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. increased their price target on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $239.96.

Insider Activity

In other news, SVP Deena Baker-Nel sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total value of $684,510.00. Following the transaction, the senior vice president now owns 1,577 shares in the company, valued at $359,824.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Francisco Melo sold 3,750 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $227.00, for a total value of $851,250.00. Following the transaction, the insider now owns 15,230 shares in the company, valued at $3,457,210. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Deena Baker-Nel sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $228.17, for a total value of $684,510.00. Following the completion of the transaction, the senior vice president now owns 1,577 shares in the company, valued at approximately $359,824.09. The disclosure for this sale can be found here. Insiders have sold 12,583 shares of company stock worth $2,856,353 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

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.