Swedbank AB Cuts Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Swedbank AB cut its position in shares of Avery Dennison Co. (NYSE:AVY) by 33.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 306,959 shares of the industrial products company’s stock after selling 155,124 shares during the period. Swedbank AB’s holdings in Avery Dennison were worth $67,764,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC acquired a new stake in Avery Dennison in the first quarter valued at approximately $208,000. Public Employees Retirement Association of Colorado grew its stake in Avery Dennison by 577.3% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 61,910 shares of the industrial products company’s stock valued at $13,821,000 after acquiring an additional 52,769 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Avery Dennison in the 1st quarter worth $1,607,000. Janus Henderson Group PLC raised its position in Avery Dennison by 215.3% during the first quarter. Janus Henderson Group PLC now owns 32,604 shares of the industrial products company’s stock worth $7,276,000 after acquiring an additional 22,262 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Avery Dennison by 24.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,420 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 281 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Trading Up 1.5 %

Shares of AVY stock opened at $202.59 on Monday. Avery Dennison Co. has a twelve month low of $187.93 and a twelve month high of $233.48. The stock has a market cap of $16.28 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 1.53 and a beta of 0.89. The company’s 50-day moving average price is $210.78 and its 200-day moving average price is $216.75. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last posted its quarterly 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. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.10 EPS. As a group, equities analysts predict that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVY. Bank of America raised 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 research note on Thursday, October 17th. Barclays decreased their target price 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. StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Avery Dennison Company 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.