Capital World Investors Invests $40.35 Million in Avery Dennison Co. (NYSE:AVY)

Capital World Investors bought a new stake in Avery Dennison Co. (NYSE:AVY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 215,646 shares of the industrial products company's stock, valued at approximately $40,354,000. Capital World Investors owned 0.27% of Avery Dennison as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Avery Dennison in the fourth quarter valued at approximately $188,643,000. Raymond James Financial Inc. bought a new position in shares of Avery Dennison in the 4th quarter valued at $51,521,000. Bank of New York Mellon Corp raised its holdings in shares of Avery Dennison by 21.4% during the 4th quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company's stock worth $143,078,000 after buying an additional 134,560 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Avery Dennison by 16.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 812,191 shares of the industrial products company's stock worth $151,985,000 after buying an additional 112,650 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Avery Dennison by 411.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 123,360 shares of the industrial products company's stock valued at $23,084,000 after buying an additional 99,232 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

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 stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.84% of the stock is currently owned by insiders.

Avery Dennison Stock Down 1.8 %

Shares of AVY traded down $3.14 during trading hours on Friday, hitting $170.48. The stock had a trading volume of 694,913 shares, compared to its average volume of 593,592. Avery Dennison Co. has a 1-year low of $157.00 and a 1-year high of $233.48. The firm has a market capitalization of $13.39 billion, a P/E ratio of 19.55, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The firm has a 50 day simple moving average of $176.76 and a 200-day simple moving average of $190.10. 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 - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. Sell-side analysts predict that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.94 per share. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Wednesday, June 4th. Avery Dennison's dividend payout ratio (DPR) is currently 40.37%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AVY shares. JPMorgan Chase & Co. cut shares of Avery Dennison from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $205.00 to $172.00 in a report on Thursday. UBS Group cut their target price on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Raymond James decreased their target price on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating on the stock in a research note on Tuesday. Jefferies Financial Group initiated coverage on Avery Dennison in a research note on Tuesday. They issued a "hold" rating and a $175.00 price objective for the company. Finally, Robert W. Baird cut their target price on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $209.80.

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.