Gateway Investment Advisers LLC decreased its stake in Avery Dennison Corporation (NYSE:AVY) by 18.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,961 shares of the industrial products company’s stock after selling 29,396 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.14% of Avery Dennison worth $14,468,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in AVY. Cambridge Investment Research Advisors Inc. acquired a new stake in Avery Dennison in the 2nd quarter valued at $207,000. Ameriprise Financial Inc. boosted its stake in Avery Dennison by 66.9% in the 2nd quarter. Ameriprise Financial Inc. now owns 251,241 shares of the industrial products company’s stock valued at $22,210,000 after buying an additional 100,726 shares in the last quarter. Amalgamated Bank boosted its stake in Avery Dennison by 23.7% in the 2nd quarter. Amalgamated Bank now owns 17,802 shares of the industrial products company’s stock valued at $1,573,000 after buying an additional 3,407 shares in the last quarter. Laurion Capital Management LP boosted its stake in Avery Dennison by 203.6% in the 2nd quarter. Laurion Capital Management LP now owns 16,700 shares of the industrial products company’s stock valued at $1,475,000 after buying an additional 11,200 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Avery Dennison by 2.0% in the 2nd quarter. ProShare Advisors LLC now owns 30,300 shares of the industrial products company’s stock valued at $2,678,000 after buying an additional 581 shares in the last quarter. 84.92% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. UBS Group assumed coverage on Avery Dennison in a research note on Thursday. They issued a “buy” rating and a $135.00 price objective on the stock. Zacks Investment Research raised Avery Dennison from a “hold” rating to a “buy” rating and set a $132.00 price objective on the stock in a research note on Monday, January 8th. Barclays boosted their price objective on Avery Dennison from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research note on Monday, October 30th. Finally, Robert W. Baird reissued a “buy” rating and issued a $115.00 price objective on shares of Avery Dennison in a research note on Friday, October 27th. Four research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $116.00.
Avery Dennison Corporation (AVY) opened at $120.63 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82. The company has a market capitalization of $10,620.00, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 3.11 and a beta of 1.24. Avery Dennison Corporation has a one year low of $71.71 and a one year high of $121.25.
Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.05. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 earnings per share. sell-side analysts expect that Avery Dennison Corporation will post 4.93 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, December 5th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.49%. Avery Dennison’s payout ratio is currently 40.18%.
Avery Dennison Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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