Avery Dennison Corporation (NYSE:AVY) Shares Sold by Swiss National Bank

Swiss National Bank lowered its position in Avery Dennison Corporation (NYSE:AVY) by 0.4% in the first quarter, Holdings Channel.com reports. The firm owned 226,500 shares of the industrial products company’s stock after selling 1,000 shares during the quarter. Swiss National Bank’s holdings in Avery Dennison were worth $40,310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Avery Dennison by 6.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 140,505 shares of the industrial products company’s stock valued at $25,006,000 after purchasing an additional 8,325 shares during the period. Ontario Teachers Pension Plan Board increased its holdings in Avery Dennison by 226.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 4,868 shares of the industrial products company’s stock valued at $866,000 after buying an additional 3,375 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Avery Dennison by 75.6% in the first quarter. Chicago Partners Investment Group LLC now owns 2,786 shares of the industrial products company’s stock valued at $478,000 after buying an additional 1,199 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Avery Dennison by 1.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 710,247 shares of the industrial products company’s stock valued at $126,403,000 after buying an additional 11,156 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new position in Avery Dennison in the first quarter valued at about $2,793,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of Avery Dennison from $225.00 to $210.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Raymond James Financial increased their target price on shares of Avery Dennison from $194.00 to $200.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Jefferies Financial Group initiated coverage on shares of Avery Dennison in a report on Tuesday, April 22nd. They issued a “hold” rating and a $175.00 target price for the company. Truist Financial dropped their target price on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, Robert W. Baird dropped their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $197.60.

Avery Dennison Stock Up 0.6%

AVY stock opened at $171.86 on Tuesday. The stock has a market capitalization of $13.40 billion, a P/E ratio of 19.29, a PEG ratio of 2.63 and a beta of 0.88. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04. Avery Dennison Corporation has a one year low of $157.00 and a one year high of $224.38. The company has a 50 day moving average price of $176.85 and a two-hundred day moving average price of $177.63.

Avery Dennison (NYSE:AVY) last released its earnings results on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.38 by $0.04. The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. Avery Dennison’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the company earned $2.42 EPS. As a group, sell-side analysts expect that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison’s payout ratio is presently 42.20%.

Avery Dennison Company Profile

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.