Crossmark Global Holdings Inc. Cuts Holdings in Avery Dennison Corp (AVY)
Crossmark Global Holdings Inc. lowered its stake in Avery Dennison Corp (NYSE:AVY) by 1.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,691 shares of the industrial products company’s stock after selling 132 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Avery Dennison were worth $756,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealthcare Advisory Partners LLC lifted its stake in Avery Dennison by 90.7% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 286 shares of the industrial products company’s stock valued at $26,000 after buying an additional 136 shares in the last quarter. CSat Investment Advisory L.P. lifted its stake in Avery Dennison by 60.8% in the fourth quarter. CSat Investment Advisory L.P. now owns 341 shares of the industrial products company’s stock valued at $31,000 after buying an additional 129 shares in the last quarter. Penserra Capital Management LLC bought a new position in Avery Dennison in the fourth quarter valued at approximately $40,000. Bremer Trust National Association bought a new position in Avery Dennison in the fourth quarter valued at approximately $42,000. Finally, Ipswich Investment Management Co. Inc. bought a new position in Avery Dennison in the fourth quarter valued at approximately $49,000. 90.24% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on AVY shares. UBS Group set a $125.00 price target on shares of Avery Dennison and gave the company a “buy” rating in a research note on Friday, January 18th. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research report on Wednesday, April 24th. Zacks Investment Research lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Monday, April 8th. Loop Capital lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. They noted that the move was a valuation call. Finally, BMO Capital Markets boosted their price objective on shares of Avery Dennison to $114.00 and gave the stock a “market perform” rating in a research report on Monday, February 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $118.44.
Shares of AVY stock opened at $103.03 on Thursday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.80 and a current ratio of 1.14. The firm has a market capitalization of $8.76 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.92 and a beta of 1.35. Avery Dennison Corp has a 12 month low of $82.89 and a 12 month high of $117.00.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.02. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.77 billion. Avery Dennison had a net margin of 2.74% and a return on equity of 53.28%. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.44 earnings per share. Analysts anticipate that Avery Dennison Corp will post 6.55 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Tuesday, June 4th. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.52. Avery Dennison’s payout ratio is currently 34.32%.
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Avery Dennison Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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