Summit Financial LLC Invests $296,000 in Avery Dennison Co. (NYSE:AVY)

Summit Financial LLC bought a new position in shares of Avery Dennison Co. (NYSE:AVY - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,581 shares of the industrial products company's stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVY. Greenleaf Trust boosted its holdings in Avery Dennison by 4.4% during the fourth quarter. Greenleaf Trust now owns 1,352 shares of the industrial products company's stock worth $253,000 after purchasing an additional 57 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of Avery Dennison by 18.8% during the 4th quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company's stock worth $69,000 after buying an additional 58 shares during the last quarter. HBK Sorce Advisory LLC grew its holdings in shares of Avery Dennison by 0.5% in the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock valued at $2,220,000 after acquiring an additional 58 shares in the last quarter. RMR Wealth Builders increased its position in shares of Avery Dennison by 5.7% in the fourth quarter. RMR Wealth Builders now owns 1,097 shares of the industrial products company's stock valued at $205,000 after acquiring an additional 59 shares during the last quarter. Finally, New York Life Investment Management LLC raised its holdings in Avery Dennison by 0.6% during the fourth quarter. New York Life Investment Management LLC now owns 10,981 shares of the industrial products company's stock worth $2,055,000 after acquiring an additional 61 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

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Wall Street Analysts Forecast Growth

AVY has been the subject of several recent analyst reports. BMO Capital Markets set a $226.00 target price on shares of Avery Dennison in a research note on Monday, February 3rd. Raymond James restated an "outperform" rating and issued a $208.00 price target (down from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. JPMorgan Chase & Co. raised Avery Dennison from a "neutral" rating to an "overweight" rating and dropped their price objective for the company from $210.00 to $205.00 in a report on Friday, January 31st. Citigroup decreased their target price on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Finally, Robert W. Baird set a $220.00 price target on Avery Dennison in a report 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $220.87.

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares of the company's stock, valued at $55,160,742.35. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.84% of the stock is owned by corporate insiders.

Avery Dennison Stock Performance

NYSE AVY traded down $1.41 on Tuesday, hitting $164.87. 415,358 shares of the stock traded hands, compared to its average volume of 738,269. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. The business's fifty day moving average is $181.22 and its two-hundred day moving average is $194.64. Avery Dennison Co. has a 12 month low of $162.13 and a 12 month high of $233.48. The firm has a market capitalization of $13.02 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 2.07 and a beta of 0.85.

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

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.88 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.14%. Avery Dennison's dividend payout ratio (DPR) is currently 40.37%.

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.