Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Avery Dennison Corp (NYSE:AVY) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 810 shares of the industrial products company’s stock, valued at approximately $92,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its holdings in Avery Dennison by 0.5% in the third quarter. Vanguard Group Inc now owns 9,807,709 shares of the industrial products company’s stock worth $1,062,666,000 after acquiring an additional 44,059 shares in the last quarter. ETF Managers Group LLC boosted its holdings in Avery Dennison by 18.1% in the fourth quarter. ETF Managers Group LLC now owns 1,249 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 191 shares in the last quarter. BB&T Securities LLC boosted its holdings in Avery Dennison by 3.1% in the fourth quarter. BB&T Securities LLC now owns 6,559 shares of the industrial products company’s stock worth $589,000 after acquiring an additional 198 shares in the last quarter. Global Financial Private Capital LLC boosted its holdings in Avery Dennison by 6.8% in the fourth quarter. Global Financial Private Capital LLC now owns 4,578 shares of the industrial products company’s stock worth $411,000 after acquiring an additional 292 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in Avery Dennison by 6.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 3,120 shares of the industrial products company’s stock worth $280,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.
Shares of NYSE:AVY traded down $0.46 during trading on Wednesday, hitting $111.81. The stock had a trading volume of 14,782 shares, compared to its average volume of 640,071. Avery Dennison Corp has a 12-month low of $82.89 and a 12-month high of $117.00. The stock has a market cap of $9.42 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.07 and a beta of 1.32. The company has a quick ratio of 0.80, a current ratio of 1.14 and a debt-to-equity ratio of 1.77.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.07%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 38.28%.
Several equities research analysts have weighed in on the company. KeyCorp reissued a “sector weight” rating and issued a $110.00 price target on shares of Avery Dennison in a report on Sunday, April 7th. Zacks Investment Research cut Avery Dennison from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. Loop Capital cut Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. cut Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 price objective for the company. in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $118.00.
In related news, Director Ken C. Hicks sold 9,691 shares of Avery Dennison stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $110.10, for a total transaction of $1,066,979.10. Following the completion of the transaction, the director now directly owns 28,396 shares in the company, valued at $3,126,399.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.
About Avery Dennison
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, as well as durable cast and reflective films.
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