Bank of Montreal Can Raises Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Bank of Montreal Can raised its position in shares of Avery Dennison Co. (NYSE:AVY) by 1.9% during the 3rd quarter, Holdings Channel reports. The fund owned 254,942 shares of the industrial products company’s stock after purchasing an additional 4,729 shares during the period. Bank of Montreal Can’s holdings in Avery Dennison were worth $56,684,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Brown Brothers Harriman & Co. raised its holdings in shares of Avery Dennison by 6.5% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,049 shares of the industrial products company’s stock worth $232,000 after acquiring an additional 64 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Avery Dennison by 13.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 9,914 shares of the industrial products company’s stock valued at $2,189,000 after buying an additional 1,175 shares during the period. Westfield Capital Management Co. LP raised its holdings in Avery Dennison by 1.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 497,849 shares of the industrial products company’s stock valued at $109,905,000 after buying an additional 9,505 shares during the period. Larson Financial Group LLC raised its holdings in Avery Dennison by 100.0% during the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after buying an additional 71 shares during the period. Finally, Cerity Partners LLC raised its holdings in Avery Dennison by 46.3% during the 3rd quarter. Cerity Partners LLC now owns 104,891 shares of the industrial products company’s stock valued at $23,156,000 after buying an additional 33,210 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This represents a 34.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on AVY shares. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $230.00 to $210.00 in a report on Thursday, October 24th. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and increased their price target for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Citigroup decreased their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. BMO Capital Markets cut their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Barclays cut their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Avery Dennison currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Avery Dennison Trading Up 0.3 %

Shares of NYSE:AVY opened at $205.19 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $16.49 billion, a PE ratio of 24.63, a P/E/G ratio of 1.60 and a beta of 0.89. Avery Dennison Co. has a 12-month low of $188.92 and a 12-month high of $233.48. The business’s fifty day simple moving average is $210.12 and its 200-day simple moving average is $216.33.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the company posted $2.10 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts predict that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is currently 42.26%.

Avery Dennison 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.