Renaissance Technologies LLC Invests $11.40 Million in Avery Dennison Co. (NYSE:AVY)

Renaissance Technologies LLC purchased a new stake in Avery Dennison Co. (NYSE:AVY) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 60,900 shares of the industrial products company’s stock, valued at approximately $11,396,000. Renaissance Technologies LLC owned about 0.08% of Avery Dennison at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of AVY. Nordea Investment Management AB increased its position in Avery Dennison by 485.2% during the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock worth $6,715,000 after buying an additional 29,541 shares during the last quarter. Meyer Handelman Co. acquired a new position in shares of Avery Dennison during the 4th quarter worth approximately $4,263,000. JPMorgan Chase & Co. raised its stake in Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock valued at $92,771,000 after acquiring an additional 46,390 shares during the period. Fifth Third Wealth Advisors LLC acquired a new stake in Avery Dennison during the 4th quarter valued at $218,000. Finally, Merit Financial Group LLC bought a new position in Avery Dennison during the fourth quarter worth $203,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Down 1.6 %

Shares of AVY opened at $169.57 on Wednesday. The firm has a 50 day simple moving average of $178.15 and a two-hundred day simple moving average of $192.11. The company has a market cap of $13.39 billion, a P/E ratio of 19.45, a P/E/G ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a one year low of $157.00 and a one year high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

Avery Dennison (NYSE:AVY) last posted its earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Research analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date was Wednesday, March 5th. Avery Dennison’s dividend payout ratio is currently 40.37%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. BMO Capital Markets set a $226.00 target price on shares of Avery Dennison in a research note on Monday, February 3rd. Citigroup cut their price objective on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Bank of America lowered their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. UBS Group reduced their price target on Avery Dennison from $207.00 to $189.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Finally, Robert W. Baird set a $220.00 price objective on Avery Dennison in a research report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.87.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the sale, the chairman now directly owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.84% of the company’s stock.

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.