Cambridge Investment Research Advisors Inc. Cuts Stock Holdings in Avery Dennison Corporation (NYSE:AVY)

Cambridge Investment Research Advisors Inc. lowered its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 61.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,547 shares of the industrial products company’s stock after selling 3,991 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Avery Dennison were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Nomura Holdings Inc. purchased a new position in Avery Dennison in the fourth quarter worth approximately $496,000. GAMMA Investing LLC lifted its stake in Avery Dennison by 9.4% in the first quarter. GAMMA Investing LLC now owns 2,409 shares of the industrial products company’s stock worth $429,000 after acquiring an additional 207 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Avery Dennison by 1.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,185 shares of the industrial products company’s stock worth $2,169,000 after acquiring an additional 217 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Avery Dennison in the 4th quarter valued at about $11,396,000. Finally, DoubleLine ETF Adviser LP purchased a new position in shares of Avery Dennison in the 4th quarter valued at about $1,702,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Truist Financial dropped their price objective on Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Robert W. Baird dropped their price objective on Avery Dennison from $220.00 to $210.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. BMO Capital Markets dropped their price objective on Avery Dennison from $226.00 to $216.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $205.00 to $172.00 in a report on Thursday, April 24th. Finally, Raymond James Financial reduced their price target on shares of Avery Dennison from $208.00 to $194.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $198.60.

Avery Dennison Stock Performance

Shares of AVY opened at $184.50 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.19. The firm has a market cap of $14.42 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 2.94 and a beta of 0.87. The company’s 50 day simple moving average is $178.44 and its 200-day simple moving average is $179.96. Avery Dennison Corporation has a 12-month low of $157.00 and a 12-month high of $233.48.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The business had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The business’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the business posted $2.29 earnings per share. As a group, equities analysts predict that Avery Dennison Corporation will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.94 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is 43.32%.

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.