Rakuten Investment Management Inc. Takes Position in Avery Dennison Corporation $AVY

Rakuten Investment Management Inc. purchased a new position in Avery Dennison Corporation (NYSE:AVY) during the third quarter, Holdings Channel reports. The firm purchased 66,055 shares of the industrial products company’s stock, valued at approximately $10,712,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVY. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Avery Dennison by 10.2% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 117,432 shares of the industrial products company’s stock worth $19,044,000 after buying an additional 10,825 shares in the last quarter. Allstate Corp acquired a new position in shares of Avery Dennison in the 3rd quarter valued at approximately $235,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Avery Dennison by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 967,013 shares of the industrial products company’s stock worth $156,820,000 after acquiring an additional 27,451 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Avery Dennison by 26.2% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 6,025 shares of the industrial products company’s stock worth $977,000 after acquiring an additional 1,251 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. increased its stake in Avery Dennison by 1.1% in the third quarter. ASR Vermogensbeheer N.V. now owns 14,940 shares of the industrial products company’s stock valued at $2,423,000 after acquiring an additional 162 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Performance

NYSE:AVY opened at $185.55 on Thursday. The stock’s 50-day moving average is $179.29 and its 200-day moving average is $173.79. Avery Dennison Corporation has a 1-year low of $156.23 and a 1-year high of $196.40. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 1.45. The stock has a market cap of $14.34 billion, a P/E ratio of 21.11, a price-to-earnings-growth ratio of 3.08 and a beta of 1.00.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 22nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.05. Avery Dennison had a net margin of 7.93% and a return on equity of 33.67%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the business earned $2.33 EPS. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts anticipate that Avery Dennison Corporation will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 3rd were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $3.76 annualized dividend and a yield of 2.0%. Avery Dennison’s payout ratio is presently 42.78%.

Wall Street Analyst Weigh In

AVY has been the subject of several recent analyst reports. BMO Capital Markets restated an “outperform” rating and set a $210.00 target price on shares of Avery Dennison in a research note on Thursday, October 23rd. Truist Financial upped their price objective on Avery Dennison from $213.00 to $234.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Avery Dennison in a research report on Monday, December 29th. UBS Group raised Avery Dennison from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $181.00 to $218.00 in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $182.00 to $195.00 in a report on Thursday, October 23rd. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and an average price target of $204.36.

Avery Dennison Company Profile

Avery Dennison (NYSE:AVY) is a global materials science and manufacturing company specializing in labeling and packaging solutions. The company develops pressure-sensitive materials, tags and labels, and adhesive technologies that help brands and businesses enhance product identification, branding and supply-chain performance. Avery Dennison’s offerings range from industrial and retail labeling to high-performance tapes, films and graphics materials used across multiple end markets.

The company operates through several key segments, including Label and Graphic Materials, which supplies pressure-sensitive materials for consumer goods; Retail Branding and Information Solutions, offering apparel tags, RFID inlays and digital product identification; Pressure-Sensitive Materials, providing specialty tapes and adhesives; and RF Technologies, focused on advanced RFID and IoT labeling solutions.