Assenagon Asset Management S.A. lifted its stake in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 2,434.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 411,628 shares of the industrial products company’s stock after buying an additional 395,385 shares during the quarter. Assenagon Asset Management S.A. owned about 0.50% of Avery Dennison worth $71,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in AVY. Stonnington Group LLC purchased a new position in shares of Avery Dennison during the fourth quarter valued at about $318,000. Exchange Traded Concepts LLC grew its holdings in Avery Dennison by 168.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 1,793 shares of the industrial products company’s stock worth $388,000 after purchasing an additional 1,124 shares during the period. Spire Wealth Management grew its holdings in Avery Dennison by 119.5% in the fourth quarter. Spire Wealth Management now owns 270 shares of the industrial products company’s stock worth $59,000 after purchasing an additional 147 shares during the period. IFM Investors Pty Ltd grew its holdings in Avery Dennison by 0.8% in the fourth quarter. IFM Investors Pty Ltd now owns 11,161 shares of the industrial products company’s stock worth $2,417,000 after purchasing an additional 92 shares during the period. Finally, MinichMacGregor Wealth Management LLC grew its holdings in Avery Dennison by 22.2% in the fourth quarter. MinichMacGregor Wealth Management LLC now owns 8,914 shares of the industrial products company’s stock worth $1,930,000 after purchasing an additional 1,621 shares during the period. Institutional investors own 88.83% of the company’s stock.
A number of brokerages have weighed in on AVY. Loop Capital cut their price objective on shares of Avery Dennison from $209.00 to $202.00 and set a “buy” rating on the stock in a report on Wednesday, April 13th. Credit Suisse Group cut their price objective on shares of Avery Dennison from $195.00 to $188.00 in a report on Wednesday, April 20th. JPMorgan Chase & Co. upgraded shares of Avery Dennison from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $215.00 to $195.00 in a report on Wednesday, April 27th. Citigroup dropped their target price on shares of Avery Dennison from $255.00 to $247.00 in a research note on Friday, April 8th. Finally, StockNews.com assumed coverage on shares of Avery Dennison in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $214.75.
Avery Dennison (NYSE:AVY – Get Rating) last issued its earnings results on Tuesday, April 26th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.22. Avery Dennison had a net margin of 8.37% and a return on equity of 40.50%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the company posted $2.40 earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities analysts predict that Avery Dennison Co. will post 9.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a $0.75 dividend. The ex-dividend date was Tuesday, May 31st. This represents a $3.00 annualized dividend and a yield of 1.82%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.68. Avery Dennison’s dividend payout ratio (DPR) is currently 34.36%.
About Avery Dennison (Get Rating)
Avery Dennison Corporation manufactures and markets pressure-sensitive materials and products 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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