Nordea Investment Management AB Sells 478 Shares of Avery Dennison Corporation $AVY

Nordea Investment Management AB trimmed its position in Avery Dennison Corporation (NYSE:AVY) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 34,254 shares of the industrial products company’s stock after selling 478 shares during the quarter. Nordea Investment Management AB’s holdings in Avery Dennison were worth $5,987,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Strengthening Families & Communities LLC raised its holdings in Avery Dennison by 16.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 408 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 58 shares during the period. Bill Few Associates Inc. raised its holdings in Avery Dennison by 0.5% in the 2nd quarter. Bill Few Associates Inc. now owns 13,341 shares of the industrial products company’s stock valued at $2,341,000 after acquiring an additional 67 shares during the period. Diversified Trust Co raised its holdings in Avery Dennison by 0.5% in the 2nd quarter. Diversified Trust Co now owns 13,287 shares of the industrial products company’s stock valued at $2,331,000 after acquiring an additional 71 shares during the period. Forum Financial Management LP raised its holdings in Avery Dennison by 5.6% in the 1st quarter. Forum Financial Management LP now owns 1,384 shares of the industrial products company’s stock valued at $246,000 after acquiring an additional 73 shares during the period. Finally, Brown Advisory Inc. raised its holdings in Avery Dennison by 3.6% in the 1st quarter. Brown Advisory Inc. now owns 2,169 shares of the industrial products company’s stock valued at $386,000 after acquiring an additional 76 shares during the period. 94.17% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AVY has been the topic of several research analyst reports. Truist Financial lowered their price target on shares of Avery Dennison from $204.00 to $203.00 and set a “buy” rating on the stock in a report on Monday, October 13th. Bank of America increased their price target on shares of Avery Dennison from $195.00 to $208.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $172.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, July 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $207.00 target price (down from $216.00) on shares of Avery Dennison in a report on Wednesday, July 23rd. Finally, Raymond James Financial raised their target price on shares of Avery Dennison from $194.00 to $200.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $195.30.

Avery Dennison Stock Performance

NYSE AVY opened at $160.28 on Tuesday. The firm’s 50 day simple moving average is $166.64 and its 200 day simple moving average is $172.33. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 17.99, a P/E/G ratio of 2.36 and a beta of 0.95. The company has a current ratio of 1.04, a quick ratio of 0.70 and a debt-to-equity ratio of 1.19. Avery Dennison Corporation has a 1 year low of $156.23 and a 1 year high of $220.02.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.38 by $0.04. Avery Dennison had a net margin of 8.14% and a return on equity of 33.14%. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the previous year, the business earned $2.42 earnings per share. The company’s revenue was down .7% on a year-over-year basis. As a group, research analysts expect that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, September 3rd. Avery Dennison’s payout ratio is currently 42.20%.

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.