Sumitomo Mitsui Trust Holdings Inc. lessened its position in Avery Dennison Corp (NYSE:AVY) by 1.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 294,688 shares of the industrial products company’s stock after selling 5,377 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Avery Dennison were worth $31,929,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of AVY. Zions Bancorporation purchased a new stake in shares of Avery Dennison in the 3rd quarter valued at $108,000. Squar Milner Financial Services LLC purchased a new stake in shares of Avery Dennison in the 2nd quarter valued at $112,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Avery Dennison by 270.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,152 shares of the industrial products company’s stock valued at $118,000 after buying an additional 841 shares during the period. Fort L.P. purchased a new stake in shares of Avery Dennison in the 2nd quarter valued at $120,000. Finally, Nichols & Pratt Advisers LLP MA purchased a new stake in shares of Avery Dennison in the 2nd quarter valued at $204,000. Hedge funds and other institutional investors own 83.85% of the company’s stock.
Several equities research analysts have weighed in on AVY shares. Barclays upped their price target on Avery Dennison from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, July 30th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Loop Capital upgraded Avery Dennison from a “hold” rating to a “buy” rating and set a $124.00 price target on the stock in a report on Thursday, September 13th. Citigroup cut their price target on Avery Dennison from $130.00 to $128.00 and set a “buy” rating on the stock in a report on Thursday, October 11th. Finally, UBS Group set a $135.00 price target on Avery Dennison and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Avery Dennison currently has a consensus rating of “Buy” and an average target price of $120.25.
Shares of NYSE AVY opened at $92.59 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.71 and a debt-to-equity ratio of 1.24. Avery Dennison Corp has a 1-year low of $86.06 and a 1-year high of $123.67. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 18.52, a P/E/G ratio of 2.18 and a beta of 1.37.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.02). Avery Dennison had a return on equity of 49.86% and a net margin of 4.36%. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter last year, the company earned $1.26 EPS. Avery Dennison’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts expect that Avery Dennison Corp will post 6.04 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, December 4th. This represents a $2.08 annualized dividend and a yield of 2.25%. Avery Dennison’s dividend payout ratio (DPR) is 41.60%.
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. It also offers durable cast and reflective films.
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