Avery Dennison Co. (NYSE:AVY) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lowered its position in shares of Avery Dennison Co. (NYSE:AVY) by 1.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,587 shares of the industrial products company’s stock after selling 300 shares during the period. State of Michigan Retirement System’s holdings in Avery Dennison were worth $4,227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AVY. Van ECK Associates Corp boosted its position in shares of Avery Dennison by 11.0% in the 3rd quarter. Van ECK Associates Corp now owns 13,219 shares of the industrial products company’s stock valued at $2,745,000 after purchasing an additional 1,310 shares during the period. National Pension Service boosted its holdings in shares of Avery Dennison by 3.0% in the third quarter. National Pension Service now owns 123,371 shares of the industrial products company’s stock valued at $27,235,000 after acquiring an additional 3,590 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Avery Dennison by 1.8% in the third quarter. QRG Capital Management Inc. now owns 5,243 shares of the industrial products company’s stock valued at $1,157,000 after acquiring an additional 92 shares during the period. Concurrent Investment Advisors LLC boosted its stake in Avery Dennison by 12.0% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 5,506 shares of the industrial products company’s stock worth $1,216,000 after purchasing an additional 591 shares during the period. Finally, Advisor Resource Council acquired a new stake in Avery Dennison during the 3rd quarter worth $317,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 0.8 %

Shares of NYSE AVY opened at $183.94 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. Avery Dennison Co. has a 52 week low of $178.72 and a 52 week high of $233.48. The firm has a 50-day moving average price of $186.11 and a 200 day moving average price of $200.90. The stock has a market capitalization of $14.53 billion, a price-to-earnings ratio of 21.09, a price-to-earnings-growth ratio of 2.07 and a beta of 0.89.

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

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is presently 40.37%.

Insider Transactions at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the completion of the transaction, the chairman now owns 303,331 shares in the company, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

AVY has been the subject of a number of recent research reports. Raymond James reiterated an “outperform” rating and set a $208.00 price target (down previously from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. Barclays decreased their target price on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Citigroup decreased their price objective on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. raised Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $210.00 to $205.00 in a report on Friday, January 31st. Finally, Robert W. Baird set a $220.00 price target on Avery Dennison in a report on Friday, January 31st. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.51.

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.