New Mexico Educational Retirement Board cut its stake in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 5.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,775 shares of the industrial products company’s stock after selling 300 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Avery Dennison were worth $831,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. CVA Family Office LLC bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $28,000. Capital Analysts LLC bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $30,000. Edmond DE Rothschild Holding S.A. bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $31,000. Dixon Hughes Goodman Wealth Advisors LLC bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $39,000. Finally, Paragon Capital Management Ltd bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $43,000. 88.83% of the stock is owned by institutional investors.
Several research firms have recently commented on AVY. Truist Financial assumed coverage on Avery Dennison in a report on Friday, March 25th. They set a “buy” rating and a $227.00 target price for the company. Raymond James increased their price objective on Avery Dennison from $185.00 to $200.00 in a report on Thursday, April 28th. StockNews.com assumed coverage on Avery Dennison in a report on Thursday, March 31st. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their price objective for the stock from $215.00 to $195.00 in a report on Wednesday, April 27th. Finally, Loop Capital decreased their price objective on Avery Dennison from $209.00 to $202.00 and set a “buy” rating for the company in a report on Wednesday, April 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $214.75.
Avery Dennison (NYSE:AVY – Get Rating) last released its earnings results on Tuesday, April 26th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $0.22. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.28 billion. Avery Dennison had a return on equity of 40.50% and a net margin of 8.37%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.40 earnings per share. Equities analysts expect that Avery Dennison Co. will post 9.71 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.93%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Tuesday, May 31st. Avery Dennison’s dividend payout ratio is 34.36%.
Avery Dennison Profile (Get Rating)
Avery Dennison Corporation manufactures and markets pressure-sensitive materials and products in the United States, Europe, Asia, Latin America, and internationally. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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