Summit Trail Advisors LLC Reduces Stock Position in Avery Dennison Co. (NYSE:AVY)

Summit Trail Advisors LLC lowered its stake in shares of Avery Dennison Co. (NYSE:AVY) by 29.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,464 shares of the industrial products company’s stock after selling 1,011 shares during the period. Summit Trail Advisors LLC’s holdings in Avery Dennison were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cetera Investment Advisers raised its position in shares of Avery Dennison by 195.2% in the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock worth $3,988,000 after buying an additional 11,811 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Avery Dennison by 86.5% in the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock worth $7,114,000 after buying an additional 15,092 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Avery Dennison in the second quarter worth $543,000. Swedbank AB raised its position in shares of Avery Dennison by 1.0% in the second quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock worth $101,034,000 after buying an additional 4,673 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Avery Dennison by 11.0% in the first quarter. Jane Street Group LLC now owns 47,420 shares of the industrial products company’s stock worth $10,587,000 after buying an additional 4,697 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Down 1.6 %

Shares of NYSE:AVY opened at $204.71 on Wednesday. The stock’s 50-day moving average price is $210.21 and its 200-day moving average price is $216.41. Avery Dennison Co. has a 12-month low of $187.93 and a 12-month high of $233.48. The stock has a market capitalization of $16.45 billion, a P/E ratio of 24.58, a price-to-earnings-growth ratio of 1.56 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data 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 for 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 for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $2.10 earnings per share. On average, equities analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.72%. Avery Dennison’s payout ratio is presently 42.26%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AVY shares. BMO Capital Markets lowered their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Citigroup reduced their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Finally, Barclays reduced their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Avery Dennison currently has an average rating of “Moderate Buy” and an average price target 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.