Washington Trust Bank lifted its holdings in Avery Dennison Corp (NYSE:AVY) by 104.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 547 shares of the industrial products company’s stock after acquiring an additional 280 shares during the period. Washington Trust Bank’s holdings in Avery Dennison were worth $62,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of AVY. Boston Partners bought a new position in shares of Avery Dennison in the 4th quarter worth about $116,916,000. Norges Bank bought a new stake in Avery Dennison in the 4th quarter valued at about $73,468,000. JPMorgan Chase & Co. increased its position in Avery Dennison by 55.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock valued at $196,147,000 after buying an additional 648,126 shares in the last quarter. Fenimore Asset Management Inc. increased its position in Avery Dennison by 334.8% in the 4th quarter. Fenimore Asset Management Inc. now owns 538,284 shares of the industrial products company’s stock valued at $48,354,000 after buying an additional 414,489 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Avery Dennison by 397.0% in the 4th quarter. First Trust Advisors LP now owns 312,695 shares of the industrial products company’s stock valued at $28,089,000 after buying an additional 249,779 shares in the last quarter. 87.97% of the stock is owned by hedge funds and other institutional investors.
AVY stock opened at $113.76 on Thursday. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 2.45 and a beta of 1.39. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.15 and a quick ratio of 0.83. Avery Dennison Corp has a 52-week low of $82.89 and a 52-week high of $116.35.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.52 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.83%. Avery Dennison’s payout ratio is presently 34.32%.
A number of analysts recently commented on AVY shares. KeyCorp reaffirmed a “sector weight” rating and issued a $110.00 target price on shares of Avery Dennison in a research report on Sunday. Zacks Investment Research lowered Avery Dennison from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. BMO Capital Markets boosted their target price on Avery Dennison to $114.00 and gave the company a “market perform” rating in a research report on Monday, February 4th. UBS Group set a $125.00 target price on Avery Dennison and gave the company a “buy” rating in a research report on Friday, January 18th. Finally, JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and set a $105.00 target price for the company. in a research report on Friday, March 15th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $118.44.
In related news, Director Julia A. Stewart sold 5,027 shares of Avery Dennison stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $104.19, for a total value of $523,763.13. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dean A. Scarborough sold 100,000 shares of Avery Dennison stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $109.17, for a total transaction of $10,917,000.00. Following the completion of the sale, the director now directly owns 51,183 shares in the company, valued at approximately $5,587,648.11. The disclosure for this sale can be found here. Insiders sold a total of 235,664 shares of company stock worth $25,593,024 in the last 90 days. Company insiders own 1.30% of the company’s stock.
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Avery Dennison Company 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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