Sompo Asset Management Co. Ltd. Sells 823 Shares of Avery Dennison Co. (NYSE:AVY)

Sompo Asset Management Co. Ltd. lessened its stake in shares of Avery Dennison Co. (NYSE:AVY) by 4.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,652 shares of the industrial products company’s stock after selling 823 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Avery Dennison were worth $3,676,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVY. Cerity Partners LLC increased its position in shares of Avery Dennison by 46.3% in the third quarter. Cerity Partners LLC now owns 104,891 shares of the industrial products company’s stock worth $23,156,000 after purchasing an additional 33,210 shares during the period. Nicolet Advisory Services LLC increased its holdings in Avery Dennison by 3.2% in the 3rd quarter. Nicolet Advisory Services LLC now owns 2,341 shares of the industrial products company’s stock valued at $498,000 after buying an additional 72 shares during the period. Icon Wealth Advisors LLC raised its position in shares of Avery Dennison by 553.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company’s stock valued at $693,000 after buying an additional 2,657 shares in the last quarter. Citigroup Inc. lifted its holdings in shares of Avery Dennison by 30.0% during the 3rd quarter. Citigroup Inc. now owns 83,512 shares of the industrial products company’s stock worth $18,436,000 after acquiring an additional 19,248 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Avery Dennison by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company’s stock worth $151,975,000 after acquiring an additional 1,782 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Trading Up 1.5 %

NYSE AVY opened at $202.59 on Friday. Avery Dennison Co. has a 12 month low of $187.93 and a 12 month high of $233.48. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $16.28 billion, a PE ratio of 24.32, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89. The business’s 50-day moving average price is $210.78 and its two-hundred day moving average price is $216.80.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS. On average, analysts expect that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.74%. Avery Dennison’s dividend payout ratio (DPR) is currently 42.26%.

Analyst Ratings Changes

Several equities research analysts have weighed in on AVY shares. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. Barclays reduced their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Citigroup reduced their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Finally, BMO Capital Markets dropped their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $244.96.

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.