Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Avery Dennison Corporation (NYSE:AVY – Free Report) by 72.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,852 shares of the industrial products company’s stock after selling 28,138 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Avery Dennison were worth $1,904,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of AVY. Two Sigma Advisers LP raised its position in Avery Dennison by 75.6% during the 4th quarter. Two Sigma Advisers LP now owns 30,900 shares of the industrial products company’s stock worth $5,782,000 after buying an additional 13,300 shares during the last quarter. Waverly Advisors LLC raised its position in Avery Dennison by 77.1% during the 4th quarter. Waverly Advisors LLC now owns 2,664 shares of the industrial products company’s stock worth $499,000 after buying an additional 1,160 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Avery Dennison during the 4th quarter worth approximately $5,151,000. Forum Financial Management LP raised its position in Avery Dennison by 23.9% during the 4th quarter. Forum Financial Management LP now owns 1,311 shares of the industrial products company’s stock worth $245,000 after buying an additional 253 shares during the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in Avery Dennison during the 4th quarter worth approximately $116,000. 94.17% of the stock is owned by hedge funds and other institutional investors.
Avery Dennison Price Performance
Avery Dennison stock opened at $164.66 on Monday. The company’s fifty day moving average price is $172.13 and its 200 day moving average price is $174.85. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38. The stock has a market capitalization of $12.84 billion, a P/E ratio of 18.48, a P/E/G ratio of 2.53 and a beta of 0.90. 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 Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Wednesday, September 3rd. Avery Dennison’s payout ratio is 42.20%.
Analysts Set New Price Targets
A number of research firms have issued reports on AVY. Bank of America raised their price target on shares of Avery Dennison from $195.00 to $208.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Citigroup boosted their target price on shares of Avery Dennison from $177.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Raymond James Financial boosted their target price on shares of Avery Dennison from $194.00 to $200.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. BMO Capital Markets reiterated an “outperform” rating and issued a $207.00 target price (down from $216.00) on shares of Avery Dennison in a research note on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Avery Dennison from $172.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, July 23rd. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $197.60.
View Our Latest Stock Report on Avery Dennison
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.
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