Fmr LLC Trims Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Fmr LLC cut its stake in shares of Avery Dennison Co. (NYSE:AVY) by 11.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 921,477 shares of the industrial products company’s stock after selling 120,332 shares during the quarter. Fmr LLC owned approximately 1.15% of Avery Dennison worth $203,425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in shares of Avery Dennison in the second quarter worth approximately $28,000. Larson Financial Group LLC boosted its holdings in Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after buying an additional 71 shares during the period. Kennebec Savings Bank bought a new position in Avery Dennison in the 3rd quarter worth $36,000. Peterson Financial Group Inc. purchased a new position in shares of Avery Dennison in the third quarter valued at about $39,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Avery Dennison in the second quarter valued at about $42,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVY. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and lifted their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Barclays lowered their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Finally, BMO Capital Markets cut their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.96.

Insider Buying and Selling

In other news, SVP Nicholas Colisto sold 3,679 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the transaction, the senior vice president now owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

Avery Dennison Trading Up 0.1 %

Shares of NYSE AVY opened at $206.07 on Tuesday. The stock has a market capitalization of $16.56 billion, a P/E ratio of 24.74, a PEG ratio of 1.58 and a beta of 0.89. Avery Dennison Co. has a 1-year low of $190.04 and a 1-year high of $233.48. The business’s 50 day moving average is $209.61 and its two-hundred day moving average is $215.85. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. Avery Dennison’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS. As a group, research analysts expect that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.88 per share. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.71%. Avery Dennison’s payout ratio is 42.26%.

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.