Asset Management One Co. Ltd. Lowers Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Asset Management One Co. Ltd. cut its stake in shares of Avery Dennison Co. (NYSE:AVY) by 20.9% during the third quarter, HoldingsChannel.com reports. The fund owned 89,940 shares of the industrial products company’s stock after selling 23,708 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Avery Dennison were worth $19,894,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Swedbank AB purchased a new position in Avery Dennison during the 1st quarter worth $102,117,000. National Bank of Canada FI raised its holdings in shares of Avery Dennison by 795.2% in the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock valued at $34,190,000 after acquiring an additional 142,348 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Avery Dennison by 179.5% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock worth $47,258,000 after acquiring an additional 138,808 shares during the period. Bahl & Gaynor Inc. grew its holdings in Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after acquiring an additional 81,993 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Avery Dennison by 3,517.1% during the 2nd quarter. Acadian Asset Management LLC now owns 80,987 shares of the industrial products company’s stock valued at $17,701,000 after purchasing an additional 78,748 shares during the period. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

AVY opened at $206.75 on Wednesday. The company has a market cap of $16.61 billion, a P/E ratio of 24.82, a price-to-earnings-growth ratio of 1.58 and a beta of 0.89. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm’s 50-day moving average price is $215.45 and its 200-day moving average price is $218.24. Avery Dennison Co. has a 52-week low of $176.75 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company posted $2.10 earnings per share. As a group, equities analysts anticipate that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is presently 42.26%.

Analyst Ratings Changes

A number of research firms have recently issued reports on AVY. BMO Capital Markets dropped their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Citigroup dropped their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target for the company. UBS Group lowered Avery Dennison from a “buy” rating to a “neutral” rating and cut their target price for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Finally, StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $244.96.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $206.82, for a total value of $620,460.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at $62,896,857.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $211.91, for a total value of $2,119,100.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at $64,444,797.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $206.82, for a total value of $620,460.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $62,896,857.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,108 shares of company stock worth $9,181,457 over the last three months. 1.10% of the stock is currently owned by insiders.

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.