Avery Dennison Corporation (NYSE:AVY) Shares Purchased by Mackenzie Financial Corp

Mackenzie Financial Corp increased its holdings in shares of Avery Dennison Corporation (NYSE:AVY) by 139.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,791 shares of the industrial products company’s stock after purchasing an additional 17,917 shares during the quarter. Mackenzie Financial Corp’s holdings in Avery Dennison were worth $5,480,000 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. American National Bank & Trust acquired a new stake in shares of Avery Dennison during the 1st quarter worth about $49,000. Grove Bank & Trust increased its position in shares of Avery Dennison by 17.7% during the 1st quarter. Grove Bank & Trust now owns 393 shares of the industrial products company’s stock worth $70,000 after purchasing an additional 59 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of Avery Dennison during the 1st quarter worth about $71,000. Headlands Technologies LLC acquired a new stake in shares of Avery Dennison during the 4th quarter worth about $79,000. Finally, Quarry LP increased its position in shares of Avery Dennison by 255.3% during the 4th quarter. Quarry LP now owns 501 shares of the industrial products company’s stock worth $94,000 after purchasing an additional 360 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Stock Performance

Shares of AVY opened at $165.76 on Friday. The stock has a 50-day simple moving average of $177.95 and a 200-day simple moving average of $178.74. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.70 and a current ratio of 1.04. The stock has a market capitalization of $12.93 billion, a PE ratio of 18.60, a PEG ratio of 2.58 and a beta of 0.88. Avery Dennison Corporation has a 1 year low of $157.00 and a 1 year high of $224.38.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.04. Avery Dennison had a return on equity of 33.14% and a net margin of 8.14%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter last year, the business posted $2.42 EPS. The business’s quarterly revenue was down .7% compared to the same quarter last year. On average, analysts predict that Avery Dennison Corporation will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Avery Dennison’s dividend payout ratio (DPR) is 42.20%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BMO Capital Markets restated an “outperform” rating and set a $207.00 target price (down from $216.00) on shares of Avery Dennison in a report on Wednesday, July 23rd. Truist Financial lowered their target price on Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. JPMorgan Chase & Co. raised their target price on Avery Dennison from $172.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday, July 23rd. Argus cut Avery Dennison from a “strong-buy” rating to a “hold” rating in a report on Monday, May 12th. Finally, Robert W. Baird lowered their target price on Avery Dennison from $220.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $197.60.

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.