Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Stake in Avery Dennison Corp (AVY)

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Avery Dennison Corp (NYSE:AVY) by 9.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 26,965 shares of the industrial products company’s stock after buying an additional 2,252 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Avery Dennison were worth $3,047,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in AVY. Boston Partners purchased a new stake in shares of Avery Dennison in the fourth quarter valued at about $116,916,000. Norges Bank purchased a new stake in shares of Avery Dennison in the fourth quarter valued at about $73,468,000. JPMorgan Chase & Co. raised its holdings in shares of Avery Dennison by 55.8% in the third quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock valued at $196,147,000 after buying an additional 648,126 shares during the last quarter. Fenimore Asset Management Inc. raised its holdings in shares of Avery Dennison by 334.8% in the fourth quarter. Fenimore Asset Management Inc. now owns 538,284 shares of the industrial products company’s stock valued at $48,354,000 after buying an additional 414,489 shares during the last quarter. Finally, Pennsylvania Trust Co purchased a new stake in shares of Avery Dennison in the first quarter valued at about $10,137,000. 87.98% of the stock is owned by institutional investors and hedge funds.

NYSE AVY opened at $109.42 on Tuesday. The stock has a market cap of $9.41 billion, a P/E ratio of 18.06, a PEG ratio of 2.06 and a beta of 1.35. Avery Dennison Corp has a 52-week low of $82.89 and a 52-week high of $117.00. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.14 and a quick ratio of 0.80.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.02. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $1.44 earnings per share. As a group, sell-side analysts predict that Avery Dennison Corp will post 6.55 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.58 per share. This is a boost from Avery Dennison’s previous quarterly dividend of $0.52. This represents a $2.32 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Tuesday, June 4th. Avery Dennison’s dividend payout ratio is currently 34.32%.

In other Avery Dennison news, Director Dean A. Scarborough sold 15,420 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $109.07, for a total transaction of $1,681,859.40. Following the transaction, the director now directly owns 29,151 shares in the company, valued at $3,179,499.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dean A. Scarborough sold 83,273 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $107.72, for a total transaction of $8,970,167.56. Following the transaction, the director now owns 51,183 shares in the company, valued at $5,513,432.76. The disclosure for this sale can be found here. Insiders have sold 238,328 shares of company stock worth $25,927,220 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

A number of brokerages have recently commented on AVY. KeyCorp reaffirmed a “sector weight” rating and issued a $110.00 target price on shares of Avery Dennison in a report on Sunday, April 7th. Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Monday, April 8th. Loop Capital cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Wednesday, March 20th. They noted that the move was a valuation call. Citigroup cut their price target on shares of Avery Dennison from $122.00 to $110.00 and set a “buy” rating for the company in a report on Monday, January 7th. Finally, JPMorgan Chase & Co. cut shares of Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 price target for the company. in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Avery Dennison presently has a consensus rating of “Hold” and a consensus target price of $118.44.

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About Avery Dennison

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. It also offers durable cast and reflective films.

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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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