Harel Insurance Investments & Financial Services Ltd. cut its holdings of Avery Dennison Co. (NYSE:AVY – Get Rating) stock by 96.3% during the 1st quarter, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 260 shares of the industrial products company after selling 6,690 shares during the quarter. The holdings of Harel Insurance Investments & Financial Services Ltd. in Avery Dennison were worth $45,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently increased or reduced their stake in AVY. Mascoma Wealth Management LLC increased its stake in Avery Dennison shares by 60.2% during the 1st quarter. Mascoma Wealth Management LLC now owns 346 shares of the industrial products company worth $60,000 after buying 130 additional shares in the last quarter. Brinker Capital Investments LLC increased its stake in Avery Dennison shares by 86.6% during the 4th quarter. Brinker Capital Investments LLC now owns 6,524 shares of the industrial products company worth $1,413,000 after buying 3,028 additional shares in the last quarter. Girard Partners Ltd. increased its stake in Avery Dennison shares by 11.1% during the 1st quarter. Girard Partners Ltd. now owns 3,835 shares of the industrial products company worth $667,000 after buying 382 more shares in the last quarter. Todd Asset Management LLC increased its equity stake in Avery Dennison by 122.3% during the first quarter. Todd Asset Management LLC now owns 101,664 shares of the industrial products company worth $17,687,000 after purchasing an additional 55,934 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Avery Dennison shares by 0.7% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 28,143 shares of the industrial products company worth $4,896,000 after buying 184 more shares in the last quarter. 88.83% of the shares are held by institutional investors.
Avery Dennison stock performance
Shares of NYSE:AVY opened at $174.78 on Tuesday. The company’s 50-day moving average price is $167.18 and its two-hundred-day moving average price is $175.75. Avery Dennison Co. has a 12-month low of $151.62 and a 12-month high of $229.24. The company has a market capitalization of $14.28 billion, a PE ratio of 20.02, a PEG ratio of 2.58 and a beta of 0.93. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt ratio of 1.44.
Avery Dennison (NYSE:AVY – Get Rating) last announced its results on Tuesday, April 26. The industrial products company reported earnings per share (EPS) of $2.40 for the quarter, beating analysts’ consensus estimate of $2.18 by $0.22. Avery Dennison had a net margin of 8.37% and a return on equity of 40.50%. The company posted revenue of $2.35 billion for the quarter, versus analyst estimates of $2.28 billion. In the same quarter a year earlier, the company posted EPS of $2.40. The company’s revenues increased by 14.5% compared to the same quarter last year. Equity research analysts expect Avery Dennison Co. to post earnings per share of 9.69 for the current year.
Avery Dennison increases its dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15. Shareholders of record on Wednesday, June 1 received a dividend of $0.75 per share. This represents a dividend of $3.00 on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Tuesday, May 31. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.68. Avery Dennison’s dividend payout ratio is currently 34.36%.
Wall Street analysts predict growth
AVY has been the subject of several recent analyst reports. StockNews.com launched coverage on Avery Dennison shares in a research note on Thursday, March 31. They have placed a “holding” rating on the stock. JPMorgan Chase & Co. upgraded Avery Dennison shares from a “neutral” rating to an “overweight” rating and lowered its price target for the stock from $215.00 to $195.00 in a note. research on Wednesday, April 27. Citigroup reduced its price target on Avery Dennison shares from $255.00 to $247.00 in a Friday, April 8 research note. Raymond James raised his price target on Avery Dennison shares from $185.00 to $200.00 in a Thursday, April 28 research note. Finally, UBS Group lowered its price target on Avery Dennison shares from $195.00 to $180.00 in a Wednesday, July 13 research note. Three research analysts rated the stock with a hold rating and four gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $208.00.
About Avery Dennison
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Avery Dennison Corporation manufactures and markets pressure sensitive materials and products in the United States, Europe, Asia, Latin America and internationally. The Company’s Label and Graphic Materials segment offers pressure sensitive labels and packaging materials; and graphic and reflective products under the Fasson, JAC, Avery Dennison and Mactac brands, as well as durable cast and reflective films.
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