Segall Bryant & Hamill LLC Lowers Holdings in Avery Dennison Co. (NYSE:AVY)

Segall Bryant & Hamill LLC reduced its position in shares of Avery Dennison Co. (NYSE:AVY) by 41.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 63,179 shares of the industrial products company’s stock after selling 45,382 shares during the period. Segall Bryant & Hamill LLC’s holdings in Avery Dennison were worth $13,947,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB bought a new position in shares of Avery Dennison during the 1st quarter worth $102,117,000. National Bank of Canada FI lifted its holdings in Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after buying an additional 142,348 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Avery Dennison by 179.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock valued at $47,258,000 after purchasing an additional 138,808 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after buying an additional 90,250 shares during the last quarter. Finally, Bahl & Gaynor Inc. grew its holdings in Avery Dennison by 51.9% in the second quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after purchasing an additional 81,993 shares during the last quarter. 94.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup lowered their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. BMO Capital Markets cut their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Barclays lowered their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $244.96.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. This trade represents a 2.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

NYSE:AVY opened at $197.64 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The company has a 50 day moving average price of $211.92 and a 200-day moving average price of $217.20. Avery Dennison Co. has a 1-year low of $187.93 and a 1-year high of $233.48. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data 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. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the company earned $2.10 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts forecast that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is currently 42.26%.

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.