PNC Financial Services Group Inc. Has $8.26 Million Holdings in Avery Dennison Co. (NYSE:AVY)

PNC Financial Services Group Inc. trimmed its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,425 shares of the industrial products company’s stock after selling 1,251 shares during the period. PNC Financial Services Group Inc.’s holdings in Avery Dennison were worth $8,262,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of AVY. Swedbank AB acquired a new stake in shares of Avery Dennison in the first quarter valued at $102,117,000. National Bank of Canada FI raised its stake in shares of Avery Dennison by 795.2% in the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after acquiring an additional 142,348 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Avery Dennison by 179.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock worth $47,258,000 after purchasing an additional 138,808 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after purchasing an additional 90,250 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its holdings in shares of Avery Dennison by 51.9% in the second quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock valued at $52,497,000 after purchasing an additional 81,993 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY stock opened at $202.59 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12-month low of $187.93 and a 12-month high of $233.48. The firm has a fifty day moving average of $211.12 and a 200-day moving average of $216.94. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.51 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.10 earnings per share. On average, equities research analysts forecast that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $230.00 to $210.00 in a report on Thursday, October 24th. BMO Capital Markets dropped their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $244.96.

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.