Mackenzie Financial Corp Decreases Holdings in Avery Dennison Co. (NYSE:AVY)

Mackenzie Financial Corp cut its stake in Avery Dennison Co. (NYSE:AVY) by 4.8% during the 4th quarter, HoldingsChannel reports. The firm owned 11,225 shares of the industrial products company’s stock after selling 560 shares during the quarter. Mackenzie Financial Corp’s holdings in Avery Dennison were worth $2,269,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Avery Dennison during the 3rd quarter valued at about $32,000. Milestone Investment Advisors LLC acquired a new position in shares of Avery Dennison during the third quarter worth $36,000. Anchor Investment Management LLC purchased a new position in shares of Avery Dennison in the fourth quarter valued at $42,000. Adirondack Trust Co. acquired a new stake in Avery Dennison during the 3rd quarter valued at $55,000. Finally, Signaturefd LLC lifted its holdings in Avery Dennison by 25.5% in the 3rd quarter. Signaturefd LLC now owns 300 shares of the industrial products company’s stock worth $55,000 after buying an additional 61 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVY. UBS Group lifted their target price on Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. JPMorgan Chase & Co. upped their target price on Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Citigroup increased their target price on Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Raymond James increased their price objective on shares of Avery Dennison from $199.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.00.

Avery Dennison Stock Performance

Shares of AVY opened at $211.77 on Tuesday. The stock has a market capitalization of $17.05 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 3.27 and a beta of 0.90. The business’s fifty day moving average price is $215.07 and its 200 day moving average price is $199.73. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.04 and a quick ratio of 0.69. Avery Dennison Co. has a 12-month low of $158.93 and a 12-month high of $225.26.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the prior year, the company earned $1.65 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Avery Dennison Co. will post 9.26 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a dividend of $0.81 per share. The ex-dividend date was Tuesday, March 5th. This represents a $3.24 dividend on an annualized basis and a yield of 1.53%. Avery Dennison’s dividend payout ratio is currently 52.17%.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the transaction, the chairman now owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Mitchell R. Butier sold 8,168 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the transaction, the chairman now directly owns 321,487 shares in the company, valued at $69,878,414.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Ignacio J. Walker sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the sale, the senior vice president now owns 6,102 shares in the company, valued at $1,305,217.80. The disclosure for this sale can be found here. Insiders sold a total of 19,879 shares of company stock worth $4,217,705 in the last three months. 1.10% of the stock is owned by insiders.

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.