Massachusetts Financial Services Co. MA Boosts Position in Avery Dennison Co. (NYSE:AVY)

Massachusetts Financial Services Co. MA raised its stake in shares of Avery Dennison Co. (NYSE:AVY) by 0.4% during the third quarter, Holdings Channel reports. The firm owned 699,541 shares of the industrial products company’s stock after buying an additional 3,118 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Avery Dennison were worth $154,431,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in Avery Dennison in the second quarter worth about $28,000. Kennebec Savings Bank purchased a new stake in Avery Dennison in the third quarter worth $36,000. Peterson Financial Group Inc. purchased a new position in Avery Dennison during the third quarter valued at $39,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Avery Dennison in the 2nd quarter worth about $42,000. Finally, 1620 Investment Advisors Inc. purchased a new position in Avery Dennison during the 2nd quarter valued at about $51,000. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Price Performance

Shares of AVY opened at $202.59 on Friday. The firm has a market cap of $16.28 billion, a PE ratio of 24.32, a P/E/G ratio of 1.53 and a beta of 0.89. Avery Dennison Co. has a 1-year low of $187.93 and a 1-year 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 fifty day simple moving average of $210.78 and a two-hundred day simple moving average of $216.80.

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

Avery Dennison Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.74%. Avery Dennison’s dividend payout ratio (DPR) is 42.26%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AVY shares. JPMorgan Chase & Co. lowered shares of 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 report on Thursday, October 24th. Citigroup cut their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. BMO Capital Markets decreased their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Avery Dennison has an average 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.