Waverton Investment Management Ltd Reduces Stake in Avery Dennison Co. (NYSE:AVY)

Waverton Investment Management Ltd reduced its stake in shares of Avery Dennison Co. (NYSE:AVY) by 17.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,940 shares of the industrial products company’s stock after selling 618 shares during the quarter. Waverton Investment Management Ltd’s holdings in Avery Dennison were worth $550,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Nordea Investment Management AB raised its holdings in Avery Dennison by 485.2% during the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock valued at $6,715,000 after buying an additional 29,541 shares during the period. Victory Capital Management Inc. increased its position in Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after acquiring an additional 90,250 shares during the last quarter. Icon Wealth Advisors LLC raised its stake in shares of Avery Dennison by 553.5% in the third quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company’s stock valued at $693,000 after acquiring an additional 2,657 shares during the period. Meyer Handelman Co. bought a new stake in shares of Avery Dennison in the 4th quarter worth about $4,263,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Avery Dennison by 12.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock worth $92,771,000 after purchasing an additional 46,390 shares during the period. 94.17% of the stock is owned by institutional investors.

Avery Dennison Price Performance

NYSE AVY opened at $184.34 on Monday. The company has a market cap of $14.81 billion, a PE ratio of 21.14, a P/E/G ratio of 2.06 and a beta of 0.89. The firm’s 50 day moving average price is $187.01 and its 200-day moving average price is $202.56. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a 52-week low of $178.72 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Sell-side analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Wednesday, March 5th. Avery Dennison’s payout ratio is 40.37%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVY. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $210.00 to $205.00 in a research report on Friday, January 31st. Barclays reduced their price target on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. BMO Capital Markets set a $226.00 price objective on Avery Dennison in a research report on Monday, February 3rd. UBS Group decreased their target price on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Raymond James restated an “outperform” rating and issued a $208.00 price target (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.51.

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.