MUFG Americas Holdings Corp Decreases Holdings in Avery Dennison (AVY)
MUFG Americas Holdings Corp lowered its position in Avery Dennison (NYSE:AVY) by 8.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 6,006 shares of the industrial products company’s stock after selling 586 shares during the period. MUFG Americas Holdings Corp’s holdings in Avery Dennison were worth $638,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the business. Sit Investment Associates Inc. raised its holdings in shares of Avery Dennison by 6.1% during the 4th quarter. Sit Investment Associates Inc. now owns 8,265 shares of the industrial products company’s stock worth $949,000 after acquiring an additional 475 shares during the period. Atria Investments LLC raised its holdings in shares of Avery Dennison by 9.6% during the 4th quarter. Atria Investments LLC now owns 7,195 shares of the industrial products company’s stock worth $826,000 after acquiring an additional 628 shares during the period. USS Investment Management Ltd purchased a new position in shares of Avery Dennison during the 4th quarter worth $7,697,000. Creative Planning raised its holdings in shares of Avery Dennison by 73.8% during the 4th quarter. Creative Planning now owns 9,185 shares of the industrial products company’s stock worth $1,055,000 after acquiring an additional 3,901 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in shares of Avery Dennison by 5.4% during the 4th quarter. Acadian Asset Management LLC now owns 107,735 shares of the industrial products company’s stock worth $12,375,000 after acquiring an additional 5,558 shares during the period. Institutional investors own 84.04% of the company’s stock.
Several research analysts have recently commented on the company. Zacks Investment Research upgraded Avery Dennison from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a report on Tuesday. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a report on Wednesday, April 25th. Loop Capital lifted their price target on Avery Dennison to $111.00 and gave the stock a “hold” rating in a report on Wednesday, May 2nd. They noted that the move was a valuation call. Finally, JPMorgan Chase upgraded Avery Dennison from an “underweight” rating to a “neutral” rating and set a $107.00 price target on the stock in a report on Thursday, April 26th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Avery Dennison has an average rating of “Buy” and a consensus target price of $123.00.
Shares of AVY opened at $106.34 on Wednesday. The stock has a market capitalization of $9.52 billion, a P/E ratio of 21.27, a P/E/G ratio of 2.57 and a beta of 1.27. Avery Dennison has a 12-month low of $106.46 and a 12-month high of $108.11. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.79 and a current ratio of 1.12.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.08. The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. Avery Dennison had a net margin of 4.32% and a return on equity of 44.21%. Avery Dennison’s revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.11 EPS. analysts expect that Avery Dennison will post 6.01 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 20th. Investors of record on Wednesday, June 6th will be issued a $0.52 dividend. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.45. This represents a $2.08 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Tuesday, June 5th. Avery Dennison’s payout ratio is 36.00%.
Avery Dennison Company Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. 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. It also offers durable cast and reflective films.
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