DnB Asset Management AS Raises Position in Avery Dennison Co. (NYSE:AVY)

DnB Asset Management AS lifted its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 2.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,662 shares of the industrial products company’s stock after purchasing an additional 370 shares during the quarter. DnB Asset Management AS’s holdings in Avery Dennison were worth $2,931,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Level Four Advisory Services LLC grew its holdings in Avery Dennison by 5.8% in the 4th quarter. Level Four Advisory Services LLC now owns 1,832 shares of the industrial products company’s stock valued at $343,000 after buying an additional 101 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Avery Dennison by 14.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 51,966 shares of the industrial products company’s stock worth $9,724,000 after acquiring an additional 6,707 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Avery Dennison by 1.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 25,855 shares of the industrial products company’s stock valued at $4,838,000 after purchasing an additional 319 shares during the period. Norges Bank acquired a new position in Avery Dennison during the fourth quarter worth approximately $188,643,000. Finally, UniSuper Management Pty Ltd raised its stake in Avery Dennison by 30.0% during the fourth quarter. UniSuper Management Pty Ltd now owns 11,184 shares of the industrial products company’s stock worth $2,093,000 after purchasing an additional 2,582 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

AVY opened at $178.05 on Tuesday. The company has a market capitalization of $14.06 billion, a P/E ratio of 20.42, a PEG ratio of 2.07 and a beta of 0.85. The company has a 50-day moving average of $183.02 and a 200-day moving average of $196.14. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a 1-year low of $173.02 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Equities analysts expect that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s dividend payout ratio is presently 40.37%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $210.00 to $205.00 in a research note on Friday, January 31st. UBS Group reduced their price objective on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Citigroup dropped their target price on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Robert W. Baird set a $220.00 price target on shares of Avery Dennison in a research report on Friday, January 31st. Finally, Bank of America dropped their price objective on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus target price of $222.51.

Avery Dennison Company Profile

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.