Heritage Trust Co lifted its holdings in Avery Dennison Co. (NYSE:AVY) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,167 shares of the industrial products company’s stock after buying an additional 338 shares during the quarter. Heritage Trust Co’s holdings in Avery Dennison were worth $2,418,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Panagora Asset Management Inc. raised its holdings in shares of Avery Dennison by 2.9% in the first quarter. Panagora Asset Management Inc. now owns 17,915 shares of the industrial products company’s stock valued at $3,290,000 after buying an additional 497 shares during the last quarter. E Fund Management Co. Ltd. bought a new stake in Avery Dennison during the 1st quarter worth about $27,000. Norinchukin Bank The raised its holdings in Avery Dennison by 1.6% during the 1st quarter. Norinchukin Bank The now owns 6,937 shares of the industrial products company’s stock worth $1,274,000 after purchasing an additional 110 shares during the last quarter. Sei Investments Co. raised its holdings in Avery Dennison by 3.4% during the 1st quarter. Sei Investments Co. now owns 38,661 shares of the industrial products company’s stock worth $6,347,000 after purchasing an additional 1,269 shares during the last quarter. Finally, RMB Capital Management LLC raised its holdings in Avery Dennison by 0.4% during the 1st quarter. RMB Capital Management LLC now owns 126,010 shares of the industrial products company’s stock worth $23,142,000 after purchasing an additional 556 shares during the last quarter. 89.31% of the stock is owned by institutional investors and hedge funds.
Several analysts have weighed in on AVY shares. Robert W. Baird boosted their price objective on Avery Dennison from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, April 29th. G.Research reissued a “buy” rating on shares of Avery Dennison in a report on Tuesday, May 4th. Zacks Investment Research raised Avery Dennison from a “hold” rating to a “strong-buy” rating and set a $247.00 price objective for the company in a report on Monday, May 3rd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their target price on Avery Dennison from $219.00 to $243.00 and gave the stock a “buy” rating in a research report on Thursday, April 29th. Finally, Loop Capital boosted their target price on Avery Dennison from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, April 16th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $224.73.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, April 27th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.01 by $0.39. Avery Dennison had a return on equity of 46.93% and a net margin of 8.65%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.92 billion. During the same period in the previous year, the firm earned $1.66 EPS. Avery Dennison’s quarterly revenue was up 19.1% compared to the same quarter last year. Sell-side analysts expect that Avery Dennison Co. will post 8.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 16th. Investors of record on Wednesday, June 2nd will be given a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, June 1st. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.62. This represents a $2.72 annualized dividend and a dividend yield of 1.25%. Avery Dennison’s payout ratio is currently 38.31%.
About Avery Dennison
Avery Dennison Corporation manufactures and markets pressure-sensitive materials in the United States, Europe, Asia, Latin America, and internationally. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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