Avery Dennison Co. (NYSE:AVY) Shares Bought by Baker Tilly Wealth Management LLC

Posted by Defense World Staff on Jun 25th, 2023

Baker Tilly Wealth Management LLC raised its stake in Avery Dennison Co. (NYSE:AVY – Get Rating) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,953 shares of the industrial products company’s stock after purchasing an additional 131 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Avery Dennison were worth $528,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AVY. Moneta Group Investment Advisors LLC grew its stake in shares of Avery Dennison by 102,432.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 1,947,083 shares of the industrial products company’s stock valued at $352,422,000 after purchasing an additional 1,945,184 shares during the last quarter. Norges Bank purchased a new position in shares of Avery Dennison in the 4th quarter valued at approximately $153,787,000. Truist Financial Corp grew its stake in shares of Avery Dennison by 595.0% in the 4th quarter. Truist Financial Corp now owns 824,057 shares of the industrial products company’s stock valued at $149,154,000 after purchasing an additional 705,483 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Avery Dennison by 48.0% in the 1st quarter. Lazard Asset Management LLC now owns 1,748,006 shares of the industrial products company’s stock valued at $304,099,000 after purchasing an additional 566,938 shares during the last quarter. Finally, Congress Asset Management Co. MA grew its stake in shares of Avery Dennison by 3,901.0% in the 4th quarter. Congress Asset Management Co. MA now owns 579,627 shares of the industrial products company’s stock valued at $104,913,000 after purchasing an additional 565,140 shares during the last quarter. 90.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Julia A. Stewart sold 930 shares of the company’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $172.99, for a total value of $160,880.70. Following the sale, the director now directly owns 15,962 shares in the company, valued at $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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on AVY shares. StockNews.com started coverage on Avery Dennison in a report on Thursday, May 18th. They set a “hold” rating on the stock. Loop Capital dropped their price objective on Avery Dennison from $208.00 to $201.00 in a report on Thursday, June 8th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $210.88.

Avery Dennison Stock Down 0.0 %

Avery Dennison stock opened at $167.85 on Friday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.73 and a current ratio of 1.13. The firm has a market capitalization of $13.55 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 2.72 and a beta of 0.96. Avery Dennison Co. has a fifty-two week low of $156.91 and a fifty-two week high of $204.37. The stock’s fifty day moving average is $169.83 and its two-hundred day moving average is $177.23.

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

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th were given a $0.81 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.75. This represents a $3.24 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Tuesday, June 6th. Avery Dennison’s dividend payout ratio is currently 38.99%.

About Avery Dennison

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Avery Dennison Corporation operates as materials science and digital identification solutions company. It provides branding and information labeling solutions, including pressure-sensitive materials, radio-frequency identification (RFID) inlays and tags, and various converted products and solutions. The company designs and manufactures a range of labeling and functional materials that enhance branded packaging, carry or display information that connects the physical and the digital, and improve customers' product performance.