Janney Montgomery Scott LLC Cuts Position in Avery Dennison Co. (NYSE:AVY)
Janney Montgomery Scott LLC trimmed its position in shares of Avery Dennison Co. (NYSE:AVY) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,710 shares of the industrial products company’s stock after selling 788 shares during the period. Janney Montgomery Scott LLC’s holdings in Avery Dennison were worth $2,392,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ellevest Inc. lifted its position in shares of Avery Dennison by 29.1% during the third quarter. Ellevest Inc. now owns 346 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 78 shares in the last quarter. RMR Wealth Builders acquired a new stake in Avery Dennison during the 2nd quarter worth approximately $51,000. First Horizon Advisors Inc. boosted its position in Avery Dennison by 66.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 463 shares of the industrial products company’s stock valued at $52,000 after buying an additional 185 shares during the period. Hoover Financial Advisors Inc. purchased a new position in Avery Dennison in the 2nd quarter valued at approximately $57,000. Finally, Carroll Financial Associates Inc. grew its stake in shares of Avery Dennison by 133.3% in the third quarter. Carroll Financial Associates Inc. now owns 546 shares of the industrial products company’s stock worth $69,000 after acquiring an additional 312 shares in the last quarter. Institutional investors and hedge funds own 80.61% of the company’s stock.
AVY has been the subject of several analyst reports. JPMorgan Chase & Co. cut Avery Dennison from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $128.00 to $130.00 in a research note on Thursday, October 22nd. Robert W. Baird boosted their price objective on Avery Dennison from $130.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Monday, July 27th. UBS Group lifted their price target on shares of Avery Dennison from $140.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, Loop Capital increased their price objective on shares of Avery Dennison from $136.00 to $164.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $141.73.
Shares of Avery Dennison stock opened at $147.50 on Friday. The company has a fifty day simple moving average of $138.88 and a 200-day simple moving average of $121.13. Avery Dennison Co. has a 12-month low of $76.96 and a 12-month high of $156.82. The company has a current ratio of 1.31, a quick ratio of 0.94 and a debt-to-equity ratio of 1.51. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of 23.56, a PEG ratio of 3.35 and a beta of 0.99.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.41. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Avery Dennison had a net margin of 7.80% and a return on equity of 44.88%. Avery Dennison’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.66 earnings per share. On average, analysts forecast that Avery Dennison Co. will post 6.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a $0.62 dividend. The ex-dividend date is Tuesday, December 1st. This is a boost from Avery Dennison’s previous quarterly dividend of $0.58. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.68%. Avery Dennison’s dividend payout ratio is 35.15%.
About Avery Dennison
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. 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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