Connecticut Wealth Management LLC Decreases Stake in Avery Dennison Co. (NYSE:AVY)

Connecticut Wealth Management LLC cut its stake in shares of Avery Dennison Co. (NYSE:AVY) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,341 shares of the industrial products company’s stock after selling 159 shares during the period. Connecticut Wealth Management LLC’s holdings in Avery Dennison were worth $438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVY. Assenagon Asset Management S.A. raised its position in Avery Dennison by 278.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 12,232 shares of the industrial products company’s stock valued at $2,289,000 after purchasing an additional 9,000 shares during the period. Merit Financial Group LLC purchased a new stake in Avery Dennison during the fourth quarter valued at approximately $203,000. Diversify Wealth Management LLC raised its position in Avery Dennison by 46.4% during the fourth quarter. Diversify Wealth Management LLC now owns 2,595 shares of the industrial products company’s stock valued at $480,000 after purchasing an additional 823 shares during the period. Mutual Advisors LLC raised its position in Avery Dennison by 74.9% during the fourth quarter. Mutual Advisors LLC now owns 2,498 shares of the industrial products company’s stock valued at $478,000 after purchasing an additional 1,070 shares during the period. Finally, Bill Few Associates Inc. raised its position in Avery Dennison by 0.9% during the fourth quarter. Bill Few Associates Inc. now owns 13,301 shares of the industrial products company’s stock valued at $2,489,000 after purchasing an additional 116 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 0.1%

Shares of NYSE:AVY opened at $180.29 on Friday. Avery Dennison Co. has a 52-week low of $157.00 and a 52-week high of $233.48. The stock has a market cap of $14.09 billion, a P/E ratio of 20.68, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88. The business’s 50 day moving average is $174.00 and its 200 day moving average is $185.14. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period last year, the company earned $2.29 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. Sell-side analysts predict that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.76 annualized dividend and a yield of 2.09%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.88. Avery Dennison’s dividend payout ratio is 43.32%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVY. Robert W. Baird decreased their price objective on Avery Dennison from $220.00 to $210.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. UBS Group cut their target price on Avery Dennison from $207.00 to $189.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Argus cut Avery Dennison from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 12th. Wall Street Zen raised Avery Dennison from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Jefferies Financial Group began coverage on Avery Dennison in a research note on Tuesday, April 22nd. They set a “hold” rating and a $175.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.60.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the sale, the chairman now owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. This trade represents a 4.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.84% of the stock is owned by insiders.

About Avery Dennison

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.