Flagship Harbor Advisors LLC Trims Stake in Avery Dennison Corporation (NYSE:AVY)

Flagship Harbor Advisors LLC cut its position in shares of Avery Dennison Corporation (NYSE:AVY) by 9.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,828 shares of the industrial products company’s stock after selling 183 shares during the period. Flagship Harbor Advisors LLC’s holdings in Avery Dennison were worth $325,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Avery Dennison in the 4th quarter valued at $1,652,000. Rothschild Investment LLC increased its position in Avery Dennison by 18.3% during the 4th quarter. Rothschild Investment LLC now owns 440 shares of the industrial products company’s stock valued at $82,000 after buying an additional 68 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Avery Dennison by 21.4% in the fourth quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company’s stock valued at $143,078,000 after buying an additional 134,560 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Avery Dennison by 52.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 46,150 shares of the industrial products company’s stock worth $8,636,000 after acquiring an additional 15,834 shares in the last quarter. Finally, New York Life Investment Management LLC grew its stake in shares of Avery Dennison by 0.6% during the fourth quarter. New York Life Investment Management LLC now owns 10,981 shares of the industrial products company’s stock worth $2,055,000 after acquiring an additional 61 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVY has been the subject of several research analyst reports. Argus lowered shares of Avery Dennison from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 12th. Barclays decreased their price target on shares of Avery Dennison from $225.00 to $210.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Robert W. Baird dropped their price objective on shares of Avery Dennison from $220.00 to $210.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Jefferies Financial Group started coverage on Avery Dennison in a research note on Tuesday, April 22nd. They issued a “hold” rating and a $175.00 target price for the company. Finally, Wall Street Zen raised Avery Dennison from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $206.60.

Avery Dennison Trading Down 1.4%

NYSE AVY opened at $176.63 on Thursday. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $233.48. The company has a market capitalization of $13.81 billion, a PE ratio of 20.35, a P/E/G ratio of 2.87 and a beta of 0.88. The company has a fifty day moving average of $176.33 and a 200 day moving average of $180.93. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.03 and a quick ratio of 0.68.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the company posted $2.29 EPS. The company’s revenue was down .1% on a year-over-year basis. Research analysts forecast that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.94 dividend. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.13%. The ex-dividend date was Wednesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 43.32%.

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.