Lazard Asset Management LLC Has $344.60 Million Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Lazard Asset Management LLC increased its stake in shares of Avery Dennison Co. (NYSE:AVY) by 4.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,841,520 shares of the industrial products company’s stock after buying an additional 71,435 shares during the period. Lazard Asset Management LLC owned 2.29% of Avery Dennison worth $344,603,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVY. Norges Bank acquired a new stake in Avery Dennison during the 4th quarter worth about $188,643,000. Raymond James Financial Inc. purchased a new position in shares of Avery Dennison during the 4th quarter valued at about $51,521,000. Ameriprise Financial Inc. grew its holdings in Avery Dennison by 12.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company’s stock worth $409,014,000 after acquiring an additional 250,359 shares during the last quarter. Capital World Investors purchased a new position in shares of Avery Dennison in the 4th quarter valued at approximately $40,354,000. Finally, Deutsche Bank AG raised its holdings in Avery Dennison by 81.3% in the fourth quarter. Deutsche Bank AG now owns 465,479 shares of the industrial products company’s stock worth $87,105,000 after buying an additional 208,678 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Price Performance

Shares of AVY stock opened at $172.16 on Monday. The firm has a market cap of $13.46 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 2.07 and a beta of 0.88. The stock’s fifty day simple moving average is $173.77 and its 200 day simple moving average is $186.38. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. Avery Dennison Co. has a one year low of $157.00 and a one year high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the business earned $2.29 earnings per share. Avery Dennison’s revenue for the quarter was down .1% compared to the same quarter last year. On average, analysts expect that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a $0.94 dividend. This is a boost from Avery Dennison’s previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, June 4th. Avery Dennison’s dividend payout ratio is currently 43.32%.

Insider Activity

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,068 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the sale, the chairman now owns 316,300 shares of the company’s stock, valued at approximately $58,891,897. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AVY. Barclays lowered their target price on shares of Avery Dennison from $225.00 to $210.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Truist Financial decreased their price target on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. BMO Capital Markets reduced their price target on shares of Avery Dennison from $226.00 to $216.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Jefferies Financial Group assumed coverage on shares of Avery Dennison in a research note on Tuesday, April 22nd. They issued a “hold” rating and a $175.00 price target on the stock. Finally, Raymond James cut their target price on Avery Dennison from $208.00 to $194.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $206.60.

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.