Credit Suisse AG Trims Stock Position in Avery Dennison Co. (NYSE:AVY)

Posted by Defense World Staff on Jun 9th, 2023

Credit Suisse AG cut its holdings in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 8.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,870 shares of the industrial products company’s stock after selling 9,590 shares during the quarter. Credit Suisse AG owned about 0.13% of Avery Dennison worth $18,981,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Avery Dennison by 0.5% during the third quarter. Vanguard Group Inc. now owns 9,776,843 shares of the industrial products company’s stock worth $1,590,693,000 after acquiring an additional 47,300 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Avery Dennison by 48.0% in the first quarter. Lazard Asset Management LLC now owns 1,748,006 shares of the industrial products company’s stock valued at $304,099,000 after buying an additional 566,938 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Avery Dennison by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 1,670,134 shares of the industrial products company’s stock valued at $301,749,000 after buying an additional 60,951 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of Avery Dennison by 16.9% in the third quarter. Lord Abbett & CO. LLC now owns 1,124,442 shares of the industrial products company’s stock valued at $182,947,000 after buying an additional 162,364 shares in the last quarter. Finally, Boston Partners grew its stake in shares of Avery Dennison by 66.8% in the third quarter. Boston Partners now owns 907,608 shares of the industrial products company’s stock valued at $147,675,000 after buying an additional 363,404 shares in the last quarter. 89.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avery Dennison news, Director Julia A. Stewart sold 930 shares of Avery Dennison stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $172.99, for a total transaction of $160,880.70. Following the sale, the director now owns 15,962 shares of the company’s stock, valued at approximately $2,761,266.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Loop Capital lowered their target price on Avery Dennison from $208.00 to $201.00 in a research note on Thursday. StockNews.com initiated coverage on Avery Dennison in a research note on Thursday, May 18th. They set a “hold” rating for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.88.

Avery Dennison Trading Down 3.3 %

NYSE:AVY opened at $166.25 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.13 and a debt-to-equity ratio of 1.42. The business’s 50 day moving average is $171.92 and its two-hundred day moving average is $179.11. Avery Dennison Co. has a 52 week low of $151.62 and a 52 week high of $204.37. The company has a market cap of $13.42 billion, a PE ratio of 20.01, a P/E/G ratio of 2.66 and a beta of 0.96.

Avery Dennison (NYSE:AVY – Get Rating) last released its earnings results on Wednesday, April 26th. The industrial products company reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.04. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.18 billion. Avery Dennison had a return on equity of 34.49% and a net margin of 7.77%. Avery Dennison’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 EPS. On average, analysts predict that Avery Dennison Co. will post 8.98 EPS for the current year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, June 7th will be issued a $0.81 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.75. The ex-dividend date is Tuesday, June 6th. This represents a $3.24 annualized dividend and a dividend yield of 1.95%. Avery Dennison’s dividend payout ratio (DPR) is 38.99%.

About Avery Dennison

(Get Rating)

Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the Materials and Solutions Group segments. The Materials Group segment manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.