Lazard Asset Management LLC cut its position in Avery Dennison Corporation (NYSE:AVY – Free Report) by 23.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,263 shares of the industrial products company’s stock after selling 95,459 shares during the period. Lazard Asset Management LLC owned 0.42% of Avery Dennison worth $55,130,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in AVY. Vanguard Group Inc. boosted its holdings in shares of Avery Dennison by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,448,799 shares of the industrial products company’s stock worth $1,900,428,000 after acquiring an additional 69,662 shares in the last quarter. Wellington Management Group LLP increased its holdings in Avery Dennison by 12.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,808,960 shares of the industrial products company’s stock valued at $942,039,000 after purchasing an additional 644,664 shares in the last quarter. Morgan Stanley increased its holdings in Avery Dennison by 20.1% during the 4th quarter. Morgan Stanley now owns 3,869,889 shares of the industrial products company’s stock valued at $703,856,000 after purchasing an additional 647,795 shares in the last quarter. State Street Corp raised its position in Avery Dennison by 0.9% in the 4th quarter. State Street Corp now owns 3,701,598 shares of the industrial products company’s stock valued at $673,247,000 after purchasing an additional 34,124 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Avery Dennison by 4.9% in the third quarter. Invesco Ltd. now owns 1,659,862 shares of the industrial products company’s stock worth $269,180,000 after purchasing an additional 77,272 shares in the last quarter. 94.17% of the stock is owned by institutional investors.
Avery Dennison Stock Up 1.3%
Shares of NYSE AVY opened at $163.01 on Tuesday. The stock has a market cap of $12.47 billion, a P/E ratio of 18.38, a P/E/G ratio of 2.86 and a beta of 0.82. The firm has a 50 day moving average price of $159.66 and a 200 day moving average price of $171.54. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.80 and a current ratio of 1.15. Avery Dennison Corporation has a 52-week low of $152.42 and a 52-week high of $199.54.
Avery Dennison Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $1.00 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. Avery Dennison’s dividend payout ratio is currently 45.10%.
Wall Street Analyst Weigh In
AVY has been the subject of a number of research reports. Truist Financial lowered their target price on Avery Dennison from $221.00 to $209.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Argus set a $175.00 price target on shares of Avery Dennison in a research report on Thursday, June 4th. Weiss Ratings lowered shares of Avery Dennison from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 8th. JPMorgan Chase & Co. dropped their target price on shares of Avery Dennison from $205.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Citigroup reduced their target price on shares of Avery Dennison from $185.00 to $184.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus price target of $200.11.
Get Our Latest Stock Report on Avery Dennison
Avery Dennison Company Profile
Avery Dennison (NYSE:AVY) is a global materials science and manufacturing company specializing in labeling and packaging solutions. The company develops pressure-sensitive materials, tags and labels, and adhesive technologies that help brands and businesses enhance product identification, branding and supply-chain performance. Avery Dennison’s offerings range from industrial and retail labeling to high-performance tapes, films and graphics materials used across multiple end markets.
The company operates through several key segments, including Label and Graphic Materials, which supplies pressure-sensitive materials for consumer goods; Retail Branding and Information Solutions, offering apparel tags, RFID inlays and digital product identification; Pressure-Sensitive Materials, providing specialty tapes and adhesives; and RF Technologies, focused on advanced RFID and IoT labeling solutions.
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