Avery Dennison Corp (AVY) Position Boosted by Barings LLC
Barings LLC boosted its stake in shares of Avery Dennison Corp (NYSE:AVY) by 11.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,504 shares of the industrial products company’s stock after purchasing an additional 9,534 shares during the quarter. Barings LLC owned about 0.11% of Avery Dennison worth $9,546,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in AVY. JPMorgan Chase & Co. boosted its position in Avery Dennison by 163.6% during the first quarter. JPMorgan Chase & Co. now owns 1,243,494 shares of the industrial products company’s stock worth $132,121,000 after purchasing an additional 771,818 shares during the period. KBC Group NV boosted its position in Avery Dennison by 137.8% during the first quarter. KBC Group NV now owns 245,517 shares of the industrial products company’s stock worth $26,086,000 after purchasing an additional 142,292 shares during the period. Clinton Group Inc. boosted its position in Avery Dennison by 560.4% during the first quarter. Clinton Group Inc. now owns 162,871 shares of the industrial products company’s stock worth $17,305,000 after purchasing an additional 138,207 shares during the period. KAMES CAPITAL plc boosted its position in Avery Dennison by 18.2% during the second quarter. KAMES CAPITAL plc now owns 856,571 shares of the industrial products company’s stock worth $87,447,000 after purchasing an additional 131,801 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Avery Dennison during the first quarter worth $13,253,000. 85.25% of the stock is owned by hedge funds and other institutional investors.
AVY has been the subject of a number of research analyst reports. Bank of America lifted their price objective on shares of Avery Dennison from $114.00 to $126.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison in a research report on Wednesday, April 25th. Barclays reduced their price objective on shares of Avery Dennison from $135.00 to $130.00 and set an “overweight” rating for the company in a research report on Wednesday, June 27th. JPMorgan Chase & Co. raised shares of Avery Dennison from an “underweight” rating to a “neutral” rating and set a $107.00 price objective for the company in a research report on Thursday, April 26th. Finally, Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Monday, May 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $122.78.
Shares of Avery Dennison opened at $113.59 on Tuesday, MarketBeat reports. The stock has a market capitalization of $9.89 billion, a PE ratio of 22.71, a price-to-earnings-growth ratio of 2.66 and a beta of 1.32. Avery Dennison Corp has a 52-week low of $91.75 and a 52-week high of $123.67. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.10 and a quick ratio of 0.79.
Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.11. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Avery Dennison had a net margin of 3.83% and a return on equity of 47.47%. Avery Dennison’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.31 earnings per share. analysts anticipate that Avery Dennison Corp will post 6.08 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Wednesday, September 5th will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, September 4th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.83%. Avery Dennison’s payout ratio is presently 41.60%.
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.
Further Reading: Understanding Relative Strength Index
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