Edgestream Partners L.P. Sells 3,557 Shares of Avery Dennison Co. (NYSE:AVY)

Edgestream Partners L.P. decreased its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 22.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,420 shares of the industrial products company’s stock after selling 3,557 shares during the quarter. Edgestream Partners L.P.’s holdings in Avery Dennison were worth $2,773,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. VisionPoint Advisory Group LLC bought a new stake in shares of Avery Dennison during the fourth quarter valued at approximately $42,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Avery Dennison by 164.4% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 166 shares during the period. Palisade Asset Management LLC bought a new stake in Avery Dennison during the 1st quarter valued at $64,000. Parkside Financial Bank & Trust raised its position in Avery Dennison by 250.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 403 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 288 shares in the last quarter. Finally, Salem Investment Counselors Inc. lifted its holdings in shares of Avery Dennison by 47.2% in the 4th quarter. Salem Investment Counselors Inc. now owns 415 shares of the industrial products company’s stock worth $84,000 after buying an additional 133 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 0.9 %

Shares of AVY stock traded up $1.95 during trading hours on Tuesday, reaching $226.13. 67,961 shares of the company’s stock were exchanged, compared to its average volume of 439,336. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94. The company has a market cap of $18.21 billion, a price-to-earnings ratio of 32.73, a P/E/G ratio of 1.90 and a beta of 0.88. Avery Dennison Co. has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The stock’s 50 day moving average is $223.73 and its 200-day moving average is $215.65.

Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.16. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.92 EPS. Analysts predict that Avery Dennison Co. will post 9.4 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Wednesday, June 5th were paid a $0.88 dividend. The ex-dividend date was Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 dividend on an annualized basis and a yield of 1.56%. Avery Dennison’s dividend payout ratio (DPR) is 51.39%.

Insiders Place Their Bets

In other Avery Dennison news, SVP Ignacio J. Walker sold 2,206 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the transaction, the senior vice president now owns 7,082 shares of the company’s stock, valued at $1,605,489.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Gregory Lovins sold 2,894 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $227.20, for a total value of $657,516.80. Following the transaction, the chief financial officer now owns 67,457 shares in the company, valued at approximately $15,326,230.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Ignacio J. Walker sold 2,206 shares of Avery Dennison stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $226.70, for a total transaction of $500,100.20. Following the sale, the senior vice president now owns 7,082 shares of the company’s stock, valued at $1,605,489.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,583 shares of company stock valued at $2,856,353. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Stifel Nicolaus initiated coverage on Avery Dennison in a report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price objective for the company. Argus boosted their price target on shares of Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird increased their price objective on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. UBS Group reduced their price objective on shares of Avery Dennison from $260.00 to $252.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. increased their target price on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.15.

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.