Jennison Associates LLC Cuts Stake in Avery Dennison Co. (NYSE:AVY)

Jennison Associates LLC trimmed its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 13.6% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 171,763 shares of the industrial products company's stock after selling 26,975 shares during the period. Jennison Associates LLC owned about 0.21% of Avery Dennison worth $37,918,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVY. Innealta Capital LLC bought a new position in Avery Dennison during the second quarter valued at about $28,000. Kennebec Savings Bank purchased a new position in Avery Dennison in the third quarter valued at about $36,000. Peterson Financial Group Inc. bought a new position in shares of Avery Dennison during the 3rd quarter valued at approximately $39,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Avery Dennison in the 2nd quarter worth approximately $42,000. Finally, 1620 Investment Advisors Inc. bought a new stake in shares of Avery Dennison in the 2nd quarter worth approximately $51,000. Institutional investors own 94.17% of the company's stock.

Avery Dennison Trading Up 1.0 %

Shares of NYSE AVY traded up $1.92 during midday trading on Friday, hitting $201.51. 196,492 shares of the company traded hands, compared to its average volume of 468,438. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. Avery Dennison Co. has a 12-month low of $187.93 and a 12-month high of $233.48. The stock has a 50-day moving average price of $211.12 and a 200 day moving average price of $216.94. The firm has a market cap of $16.19 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.51 and a beta of 0.89.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the company earned $2.10 EPS. The business's revenue was up 4.1% compared to the same quarter last year. As a group, analysts expect that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.75%. Avery Dennison's payout ratio is 42.26%.

Analyst Upgrades and Downgrades

AVY has been the topic of several research reports. BMO Capital Markets lowered their target price on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Bank of America raised shares of Avery Dennison from an "underperform" rating to a "buy" rating and raised their target price for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. StockNews.com cut shares of Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday, October 24th. UBS Group lowered shares of Avery Dennison from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lowered shares of Avery Dennison from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Four 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, Avery Dennison currently has an average rating of "Moderate Buy" and an average target price of $244.96.

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.