Jennison Associates LLC Reduces Holdings in Avery Dennison Co. (NYSE:AVY)

Jennison Associates LLC lessened its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 13.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 171,763 shares of the industrial products company’s stock after selling 26,975 shares during the quarter. Jennison Associates LLC owned approximately 0.21% of Avery Dennison worth $37,918,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC increased its position in Avery Dennison by 40.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 6,300 shares of the industrial products company’s stock worth $1,406,000 after purchasing an additional 1,807 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Avery Dennison by 2.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 49,408 shares of the industrial products company’s stock worth $11,031,000 after buying an additional 1,380 shares during the last quarter. Natixis raised its position in shares of Avery Dennison by 365.9% in the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after buying an additional 3,575 shares during the period. Shell Asset Management Co. purchased a new stake in Avery Dennison during the first quarter valued at about $382,000. Finally, EP Wealth Advisors LLC acquired a new stake in Avery Dennison during the first quarter worth about $208,000. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $199.12 on Friday. Avery Dennison Co. has a 52 week low of $187.93 and a 52 week high of $233.48. 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 firm has a market cap of $16.00 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.51 and a beta of 0.89. The stock has a 50 day moving average of $211.50 and a 200-day moving average of $217.06.

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

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.77%. Avery Dennison’s payout ratio is currently 42.26%.

Wall Street Analyst Weigh In

AVY has been the topic of several research reports. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and raised their price target for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Citigroup lowered their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. Finally, BMO Capital Markets reduced their price target 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. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.96.

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.