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

Renaissance Technologies LLC bought a new stake in shares of Avery Dennison Co. (NYSE:AVY - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 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.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Avery Dennison by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after buying an additional 33,149 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Avery Dennison by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock valued at $392,445,000 after purchasing an additional 13,815 shares in the last quarter. Norges Bank purchased a new position in shares of Avery Dennison during the fourth quarter valued at $188,643,000. Boston Partners increased its stake in Avery Dennison by 7.7% in the 4th quarter. Boston Partners now owns 926,506 shares of the industrial products company's stock valued at $173,385,000 after buying an additional 66,216 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in Avery Dennison by 16.1% in 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 in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on AVY. Citigroup decreased their price objective on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating for the company in a report on Monday, January 6th. UBS Group cut their price target on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Barclays decreased their price target on shares of Avery Dennison from $245.00 to $225.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Robert W. Baird set a $220.00 price target on shares of Avery Dennison in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. upgraded shares of Avery Dennison from a "neutral" rating to an "overweight" rating and reduced their target price for the company from $210.00 to $205.00 in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $220.87.

Avery Dennison Stock Down 1.3 %

AVY traded down $2.14 during trading hours on Monday, hitting $168.71. 40,383 shares of the company's stock were exchanged, compared to its average volume of 582,699. The stock's 50-day moving average is $177.54 and its two-hundred day moving average is $190.94. Avery Dennison Co. has a 1-year low of $157.00 and a 1-year high of $233.48. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The stock has a market cap of $13.25 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing analysts' consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. Sell-side analysts predict that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently declared 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 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison's dividend payout ratio (DPR) is currently 40.37%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 8,068 shares of Avery Dennison stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $186.19, for a total value of $1,502,180.92. Following the transaction, the chairman now owns 316,300 shares in the company, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.84% of the company's stock.

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.