Nuveen Asset Management LLC Purchases 5,950 Shares of Avery Dennison Co. (NYSE:AVY)

Nuveen Asset Management LLC lifted its position in Avery Dennison Co. (NYSE:AVY) by 1.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 426,136 shares of the industrial products company’s stock after purchasing an additional 5,950 shares during the quarter. Nuveen Asset Management LLC owned 0.53% of Avery Dennison worth $79,743,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AVY. Norges Bank bought a new stake in Avery Dennison during the 4th quarter worth about $188,643,000. Raymond James Financial Inc. bought a new stake in Avery Dennison during the 4th quarter worth about $51,521,000. Ameriprise Financial Inc. grew its holdings in Avery Dennison by 12.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company’s stock worth $409,014,000 after acquiring an additional 250,359 shares during the last quarter. Capital World Investors bought a new stake in Avery Dennison during the 4th quarter worth about $40,354,000. Finally, Deutsche Bank AG grew its holdings in Avery Dennison by 81.3% during the 4th quarter. Deutsche Bank AG now owns 465,479 shares of the industrial products company’s stock worth $87,105,000 after acquiring an additional 208,678 shares during the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Shares of NYSE:AVY opened at $183.27 on Friday. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 2.07 and a beta of 0.88. The firm’s 50 day simple moving average is $173.68 and its 200 day simple moving average is $185.67. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. Avery Dennison Co. has a fifty-two week low of $157.00 and a fifty-two week high of $233.48.

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

Avery Dennison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.05%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Wednesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is currently 43.32%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AVY. UBS Group decreased their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. lowered shares of Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $205.00 to $172.00 in a research note on Thursday, April 24th. Barclays reduced their target price on shares of Avery Dennison from $225.00 to $210.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Truist Financial reduced their target price on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Finally, Argus lowered shares of Avery Dennison from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 12th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $206.60.

Insiders Place Their Bets

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,068 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the sale, the chairman now directly owns 316,300 shares in the company, valued at approximately $58,891,897. This trade represents a 2.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.84% of the company’s stock.

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.