Cary Street Partners Asset Management LLC Has $474,000 Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Cary Street Partners Asset Management LLC lessened its stake in shares of Avery Dennison Co. (NYSE:AVY) by 16.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,347 shares of the industrial products company’s stock after selling 450 shares during the period. Cary Street Partners Asset Management LLC’s holdings in Avery Dennison were worth $474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVY. Cerity Partners LLC grew its holdings in Avery Dennison by 4,159.9% during the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after purchasing an additional 1,163,264 shares during the last quarter. Morgan Stanley boosted its position in shares of Avery Dennison by 55.7% in the third quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after acquiring an additional 639,521 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Avery Dennison by 22.7% in the third quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock valued at $487,857,000 after acquiring an additional 493,857 shares during the period. Boston Partners boosted its position in shares of Avery Dennison by 43.9% in the third quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock valued at $184,026,000 after acquiring an additional 307,325 shares during the period. Finally, FMR LLC boosted its position in shares of Avery Dennison by 27.5% in the third quarter. FMR LLC now owns 958,790 shares of the industrial products company’s stock valued at $175,142,000 after acquiring an additional 206,784 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Avery Dennison stock opened at $217.65 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.58. The stock has a fifty day moving average price of $216.19 and a two-hundred day moving average price of $201.18. Avery Dennison Co. has a 52-week low of $158.93 and a 52-week high of $225.26. The firm has a market capitalization of $17.53 billion, a P/E ratio of 31.77, a P/E/G ratio of 3.35 and a beta of 0.91.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the prior year, the company posted $1.65 earnings per share. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that Avery Dennison Co. will post 9.27 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.88 per share. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend is Tuesday, June 4th. Avery Dennison’s dividend payout ratio is currently 47.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. UBS Group increased their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. JPMorgan Chase & Co. increased their price objective on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Citigroup increased their price objective on Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Raymond James reaffirmed an “outperform” rating and issued a $240.00 target price (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Finally, Robert W. Baird raised their target price on Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Insiders Place Their Bets

In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the transaction, the senior vice president now directly owns 6,102 shares in the company, valued at $1,305,217.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Ignacio J. Walker sold 5,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the sale, the senior vice president now directly owns 6,102 shares in the company, valued at $1,305,217.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the sale, the director now owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The disclosure for this sale can be found here. Insiders sold 19,879 shares of company stock worth $4,217,705 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

About Avery Dennison

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.