Swedbank AB Sells 155,124 Shares of Avery Dennison Co. (NYSE:AVY)

Swedbank AB lessened its holdings in Avery Dennison Co. (NYSE:AVY) by 33.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 306,959 shares of the industrial products company’s stock after selling 155,124 shares during the period. Swedbank AB owned approximately 0.38% of Avery Dennison worth $67,764,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AVY. EP Wealth Advisors LLC bought a new position in shares of Avery Dennison in the 1st quarter valued at about $208,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of Avery Dennison by 577.3% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 61,910 shares of the industrial products company’s stock worth $13,821,000 after purchasing an additional 52,769 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of Avery Dennison during the 1st quarter valued at approximately $1,607,000. Janus Henderson Group PLC raised its holdings in Avery Dennison by 215.3% during the 1st quarter. Janus Henderson Group PLC now owns 32,604 shares of the industrial products company’s stock valued at $7,276,000 after buying an additional 22,262 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in Avery Dennison by 24.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,420 shares of the industrial products company’s stock worth $317,000 after buying an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AVY shares. Citigroup cut their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and upped their price objective for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Price Performance

AVY opened at $202.59 on Monday. The company has a market capitalization of $16.28 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 1.53 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12-month low of $187.93 and a 12-month high of $233.48. The business’s fifty day simple moving average is $210.78 and its 200-day simple moving average is $216.75.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the firm posted $2.10 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities research analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s payout ratio is currently 42.26%.

Avery Dennison 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.