Chevy Chase Trust Holdings LLC Decreases Stake in Avery Dennison Corporation $AVY

Chevy Chase Trust Holdings LLC reduced its holdings in Avery Dennison Corporation (NYSE:AVY) by 2.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,292 shares of the industrial products company’s stock after selling 975 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Avery Dennison were worth $7,246,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Avery Dennison by 2.9% during the first quarter. Vanguard Group Inc. now owns 9,959,263 shares of the industrial products company’s stock worth $1,772,450,000 after purchasing an additional 277,554 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in Avery Dennison by 0.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,249,377 shares of the industrial products company’s stock worth $756,262,000 after purchasing an additional 24,068 shares during the period. Victory Capital Management Inc. raised its stake in Avery Dennison by 17.3% during the first quarter. Victory Capital Management Inc. now owns 1,582,933 shares of the industrial products company’s stock worth $281,715,000 after purchasing an additional 233,062 shares during the period. Invesco Ltd. raised its stake in Avery Dennison by 7.1% during the first quarter. Invesco Ltd. now owns 1,541,787 shares of the industrial products company’s stock worth $274,392,000 after purchasing an additional 101,996 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Avery Dennison by 1.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,193,864 shares of the industrial products company’s stock worth $212,473,000 after purchasing an additional 14,667 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Trading Up 0.5%

Shares of AVY stock opened at $160.28 on Tuesday. 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 $12.50 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 2.36 and a beta of 0.95. The company has a 50 day moving average price of $166.64 and a 200 day moving average price of $172.33. Avery Dennison Corporation has a fifty-two week low of $156.23 and a fifty-two week high of $220.02.

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

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.3%. The ex-dividend date was Wednesday, September 3rd. Avery Dennison’s payout ratio is 42.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Citigroup dropped their price target on shares of Avery Dennison from $191.00 to $177.00 and set a “neutral” rating for the company in a research report on Monday, September 29th. Raymond James Financial lifted their price target on shares of Avery Dennison from $194.00 to $200.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. UBS Group dropped their price target on shares of Avery Dennison from $188.00 to $181.00 and set a “neutral” rating for the company in a research report on Monday, October 6th. Truist Financial dropped their price target on shares of Avery Dennison from $204.00 to $203.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison from $172.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, July 23rd. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.30.

Avery Dennison 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.