Gulf International Bank UK Ltd Reduces Stock Position in Avery Dennison Corporation (NYSE:AVY)

Gulf International Bank UK Ltd decreased its position in shares of Avery Dennison Corporation (NYSE:AVY) by 32.0% during the 1st quarter, Holdings Channel.com reports. The fund owned 4,286 shares of the industrial products company’s stock after selling 2,016 shares during the period. Gulf International Bank UK Ltd’s holdings in Avery Dennison were worth $762,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of AVY. Bayforest Capital Ltd purchased a new position in shares of Avery Dennison in the first quarter valued at $27,000. SouthState Corp grew its stake in Avery Dennison by 195.7% in the 1st quarter. SouthState Corp now owns 207 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 137 shares during the last quarter. Costello Asset Management INC purchased a new position in Avery Dennison during the 1st quarter valued at about $40,000. American National Bank & Trust acquired a new position in Avery Dennison during the first quarter worth about $49,000. Finally, Grove Bank & Trust lifted its holdings in shares of Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company’s stock valued at $70,000 after purchasing an additional 59 shares in the last quarter. 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 recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Avery Dennison from $172.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Argus cut Avery Dennison from a “strong-buy” rating to a “hold” rating in a report on Monday, May 12th. Truist Financial dropped their price target on Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird reduced 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. Finally, Barclays decreased their price objective on Avery Dennison from $225.00 to $210.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $197.60.

Avery Dennison Stock Performance

Avery Dennison stock opened at $174.72 on Friday. The stock has a fifty day moving average price of $176.66 and a 200 day moving average price of $177.27. Avery Dennison Corporation has a 52 week low of $157.00 and a 52 week high of $224.38. The firm has a market capitalization of $13.62 billion, a P/E ratio of 19.61, a PEG ratio of 2.69 and a beta of 0.88. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19.

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

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 2.2%. Avery Dennison’s dividend payout ratio (DPR) is currently 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.