Asset Management One Co. Ltd. Sells 8,042 Shares of Avery Dennison Corporation (NYSE:AVY)

Asset Management One Co. Ltd. trimmed its holdings in shares of Avery Dennison Corporation (NYSE:AVY) by 10.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 71,149 shares of the industrial products company’s stock after selling 8,042 shares during the quarter. Asset Management One Co. Ltd. owned about 0.09% of Avery Dennison worth $12,626,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in Avery Dennison during the fourth quarter worth about $188,643,000. GAMMA Investing LLC grew its stake in Avery Dennison by 19,370.0% during the first quarter. GAMMA Investing LLC now owns 428,730 shares of the industrial products company’s stock worth $76,301,000 after buying an additional 426,528 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Avery Dennison during the fourth quarter worth about $51,521,000. Ameriprise Financial Inc. grew its stake in Avery Dennison by 12.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company’s stock worth $409,014,000 after buying an additional 250,359 shares in the last quarter. Finally, Johnson Investment Counsel Inc. grew its stake in Avery Dennison by 1,305.6% during the first quarter. Johnson Investment Counsel Inc. now owns 264,452 shares of the industrial products company’s stock worth $47,065,000 after buying an additional 245,638 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Avery Dennison Trading Down 0.4%

NYSE:AVY opened at $175.93 on Friday. The company has a fifty day moving average of $176.43 and a 200 day moving average of $180.74. Avery Dennison Corporation has a 52 week low of $157.00 and a 52 week high of $233.48. The company has a quick ratio of 0.68, a current ratio of 1.03 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $13.75 billion, a P/E ratio of 20.27, a P/E/G ratio of 2.83 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter last year, the company posted $2.29 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, research analysts predict that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.94 per share. The ex-dividend date was Wednesday, June 4th. This represents a $3.76 annualized dividend and a yield of 2.14%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.88. Avery Dennison’s dividend payout ratio is currently 43.32%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Raymond James Financial reduced their price target on shares of Avery Dennison from $208.00 to $194.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Truist Financial reduced their price target on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. UBS Group reduced their price target on shares of Avery Dennison from $207.00 to $189.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Robert W. Baird reduced their price target on shares of Avery Dennison from $220.00 to $210.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Finally, BMO Capital Markets reduced their price target on shares of Avery Dennison from $226.00 to $216.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.60.

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.