Zacks Investment Management Buys Shares of 35,663 Avery Dennison Co. (NYSE:AVY)

Zacks Investment Management purchased a new position in Avery Dennison Co. (NYSE:AVY) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 35,663 shares of the industrial products company’s stock, valued at approximately $7,873,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVY. iSAM Funds UK Ltd purchased a new stake in Avery Dennison in the third quarter worth $496,000. iA Global Asset Management Inc. increased its stake in Avery Dennison by 405.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 2,829 shares of the industrial products company’s stock worth $625,000 after buying an additional 2,269 shares during the period. EP Wealth Advisors LLC lifted its holdings in Avery Dennison by 286.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 4,381 shares of the industrial products company’s stock valued at $967,000 after buying an additional 3,247 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in Avery Dennison in the 3rd quarter valued at about $451,000. Finally, Quantinno Capital Management LP grew its stake in Avery Dennison by 18.1% in the 3rd quarter. Quantinno Capital Management LP now owns 21,681 shares of the industrial products company’s stock worth $4,786,000 after acquiring an additional 3,319 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and increased their price target for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Finally, BMO Capital Markets dropped their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.96.

Avery Dennison Trading Down 0.4 %

NYSE AVY opened at $202.50 on Friday. Avery Dennison Co. has a 52 week low of $190.04 and a 52 week high of $233.48. The company has a 50 day moving average price of $208.28 and a 200 day moving average price of $215.28. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a market cap of $16.27 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 1.57 and a beta of 0.87.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business 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%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.10 earnings per share. As a group, sell-side analysts forecast that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Announces Dividend

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

Insider Activity

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the sale, the senior vice president now owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. The trade was a 34.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.

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.