Public Employees Retirement System of Ohio Buys 26,610 Shares of Avery Dennison Corporation $AVY

Public Employees Retirement System of Ohio raised its stake in Avery Dennison Corporation (NYSE:AVY) by 115.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,759 shares of the industrial products company’s stock after purchasing an additional 26,610 shares during the period. Public Employees Retirement System of Ohio owned 0.07% of Avery Dennison worth $8,592,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of Avery Dennison by 6.4% during the 1st quarter. Empowered Funds LLC now owns 13,534 shares of the industrial products company’s stock worth $2,409,000 after buying an additional 819 shares during the period. Focus Partners Wealth raised its holdings in Avery Dennison by 7.6% in the 1st quarter. Focus Partners Wealth now owns 3,918 shares of the industrial products company’s stock valued at $697,000 after acquiring an additional 278 shares during the period. Intech Investment Management LLC acquired a new stake in Avery Dennison during the first quarter worth approximately $1,209,000. EverSource Wealth Advisors LLC lifted its position in Avery Dennison by 164.6% during the second quarter. EverSource Wealth Advisors LLC now owns 389 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 242 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Avery Dennison during the second quarter worth approximately $241,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Up 1.3%

Shares of AVY opened at $163.01 on Tuesday. Avery Dennison Corporation has a 12 month low of $152.42 and a 12 month high of $199.54. The firm’s 50 day moving average is $159.66 and its 200-day moving average is $171.54. The stock has a market capitalization of $12.47 billion, a PE ratio of 18.38, a P/E/G ratio of 2.86 and a beta of 0.82. The company has a current ratio of 1.15, a quick ratio of 0.80 and a debt-to-equity ratio of 1.38.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.06. Avery Dennison had a return on equity of 33.69% and a net margin of 7.66%.The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the company posted $2.30 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. Equities research analysts forecast that Avery Dennison Corporation will post 10 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, September 2nd. Avery Dennison’s dividend payout ratio is presently 45.10%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVY. Argus set a $175.00 target price on Avery Dennison in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Avery Dennison in a research note on Wednesday, April 1st. They issued a “buy” rating and a $200.00 price target for the company. Weiss Ratings lowered Avery Dennison from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 8th. Truist Financial lowered their price objective on Avery Dennison from $221.00 to $209.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. dropped their target price on Avery Dennison from $205.00 to $185.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus price target of $200.11.

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.