McElhenny Sheffield Capital Management LLC Buys 212 Shares of Avery Dennison Co. (NYSE:AVY)

McElhenny Sheffield Capital Management LLC grew its stake in Avery Dennison Co. (NYSE:AVY) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,324 shares of the industrial products company’s stock after purchasing an additional 212 shares during the quarter. McElhenny Sheffield Capital Management LLC’s holdings in Avery Dennison were worth $414,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVY. Simon Quick Advisors LLC purchased a new stake in Avery Dennison in the 1st quarter valued at about $309,000. USA Financial Formulas grew its holdings in shares of Avery Dennison by 50.2% in the first quarter. USA Financial Formulas now owns 945 shares of the industrial products company’s stock valued at $168,000 after acquiring an additional 316 shares in the last quarter. CX Institutional purchased a new stake in shares of Avery Dennison during the first quarter valued at approximately $118,000. Assenagon Asset Management S.A. lifted its holdings in Avery Dennison by 73.8% during the first quarter. Assenagon Asset Management S.A. now owns 21,256 shares of the industrial products company’s stock worth $3,783,000 after acquiring an additional 9,024 shares during the period. Finally, Terra Alpha Investments LLC boosted its position in Avery Dennison by 10.8% in the first quarter. Terra Alpha Investments LLC now owns 17,171 shares of the industrial products company’s stock worth $3,056,000 after purchasing an additional 1,679 shares during the last quarter. Institutional investors own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVY. Barclays decreased their target price on Avery Dennison from $225.00 to $210.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Argus cut shares of Avery Dennison from a “strong-buy” rating to a “hold” rating in a report on Monday, May 12th. Jefferies Financial Group initiated coverage on Avery Dennison in a report on Tuesday, April 22nd. They set a “hold” rating and a $175.00 price objective for the company. UBS Group decreased their target price on Avery Dennison from $207.00 to $189.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Finally, Truist Financial dropped their price target on Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $206.60.

Avery Dennison Trading Down 1.5%

NYSE:AVY opened at $177.30 on Thursday. Avery Dennison Co. has a 1 year low of $157.00 and a 1 year high of $233.48. The stock’s fifty day moving average price is $174.43 and its two-hundred day moving average price is $182.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The company has a market cap of $13.86 billion, a P/E ratio of 20.33, a P/E/G ratio of 2.07 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same period last year, the company posted $2.29 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, analysts expect that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.12%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Wednesday, June 4th. Avery Dennison’s dividend payout ratio is presently 43.32%.

Avery Dennison Profile

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.