Mirae Asset Global Investments Co. Ltd. Cuts Position in Avery Dennison Corporation (NYSE:AVY)

Mirae Asset Global Investments Co. Ltd. decreased its position in Avery Dennison Corporation (NYSE:AVY) by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,492 shares of the industrial products company’s stock after selling 2,149 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Avery Dennison were worth $1,844,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. American National Bank & Trust bought a new position in shares of Avery Dennison in the first quarter worth $49,000. Grove Bank & Trust increased its holdings in shares of Avery Dennison by 17.7% in the first quarter. Grove Bank & Trust now owns 393 shares of the industrial products company’s stock worth $70,000 after buying an additional 59 shares during the period. Assetmark Inc. increased its holdings in shares of Avery Dennison by 22.5% in the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company’s stock worth $74,000 after buying an additional 73 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Avery Dennison by 49.8% in the fourth quarter. Farther Finance Advisors LLC now owns 409 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 136 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Avery Dennison by 64.6% in the fourth quarter. Jones Financial Companies Lllp now owns 423 shares of the industrial products company’s stock worth $79,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

NYSE:AVY opened at $183.24 on Friday. The stock has a market capitalization of $14.33 billion, a P/E ratio of 21.11, a PEG ratio of 2.94 and a beta of 0.87. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.68 and a current ratio of 1.03. Avery Dennison Corporation has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The company has a 50 day moving average price of $177.22 and a 200 day moving average price of $180.15.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a return on equity of 33.11% and a net margin of 7.98%. Avery Dennison’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter last year, the company earned $2.29 earnings per share. Equities research analysts forecast that Avery Dennison Corporation will post 9.96 EPS 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 given a dividend of $0.94 per share. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.05%. The ex-dividend date was Wednesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 43.32%.

Analyst Upgrades and Downgrades

AVY has been the topic of a number of research analyst reports. BMO Capital Markets reduced their target price on Avery Dennison from $226.00 to $216.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Argus lowered shares of Avery Dennison from a “strong-buy” rating to a “hold” rating in a report on Monday, May 12th. Raymond James Financial decreased their target price on shares of Avery Dennison from $208.00 to $194.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Barclays reduced their price objective on Avery Dennison from $225.00 to $210.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $205.00 to $172.00 in a research note on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.60.

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.