Cerity Partners LLC Acquires 33,210 Shares of Avery Dennison Co. (NYSE:AVY)

Cerity Partners LLC grew its stake in Avery Dennison Co. (NYSE:AVY) by 46.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 104,891 shares of the industrial products company’s stock after purchasing an additional 33,210 shares during the quarter. Cerity Partners LLC’s holdings in Avery Dennison were worth $23,156,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Avery Dennison in the second quarter valued at approximately $28,000. Kennebec Savings Bank bought a new stake in shares of Avery Dennison during the 3rd quarter worth approximately $36,000. Peterson Financial Group Inc. acquired a new stake in shares of Avery Dennison in the 3rd quarter valued at approximately $39,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison in the second quarter valued at $42,000. Finally, 1620 Investment Advisors Inc. acquired a new position in Avery Dennison during the second quarter worth $51,000. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

AVY stock opened at $202.59 on Monday. The firm has a market cap of $16.28 billion, a PE ratio of 24.32, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89. 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 stock has a 50-day moving average price of $210.78 and a 200-day moving average price of $216.75. Avery Dennison Co. has a 1-year low of $187.93 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates 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 for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.10 earnings per share. As a group, equities research analysts expect that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders 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 is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is currently 42.26%.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of recent analyst reports. StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and raised their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. BMO Capital Markets lowered 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. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Finally, Citigroup decreased their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average 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.