Swiss National Bank Lowers Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Swiss National Bank trimmed its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 227,500 shares of the industrial products company's stock after selling 11,600 shares during the period. Swiss National Bank owned about 0.28% of Avery Dennison worth $42,572,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Nordea Investment Management AB lifted its position in shares of Avery Dennison by 485.2% during the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company's stock valued at $6,715,000 after buying an additional 29,541 shares in the last quarter. Icon Wealth Advisors LLC increased its stake in Avery Dennison by 553.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company's stock worth $693,000 after acquiring an additional 2,657 shares during the last quarter. Meyer Handelman Co. bought a new stake in Avery Dennison in the 4th quarter worth approximately $4,263,000. JPMorgan Chase & Co. increased its stake in Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company's stock worth $92,771,000 after acquiring an additional 46,390 shares during the last quarter. Finally, Unigestion Holding SA bought a new stake in Avery Dennison in the 3rd quarter worth approximately $6,701,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Stock Down 1.3 %

NYSE:AVY traded down $2.34 during mid-day trading on Thursday, hitting $176.77. 728,162 shares of the company's stock traded hands, compared to its average volume of 507,836. The company has a fifty day moving average of $185.02 and a 200 day moving average of $198.67. Avery Dennison Co. has a twelve month low of $174.91 and a twelve month high of $233.48. The company has a market capitalization of $13.96 billion, a P/E ratio of 20.27, a P/E/G ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08.

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

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison's dividend payout ratio is presently 40.37%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVY. JPMorgan Chase & Co. raised Avery Dennison from a "neutral" rating to an "overweight" rating and cut their target price for the company from $210.00 to $205.00 in a research report on Friday, January 31st. BMO Capital Markets set a $226.00 target price on Avery Dennison in a research report on Monday, February 3rd. Bank of America dropped their price objective on Avery Dennison from $238.00 to $220.00 and set a "buy" rating for the company in a report on Monday, January 6th. Robert W. Baird set a $220.00 target price on Avery Dennison in a report on Friday, January 31st. Finally, Raymond James reiterated an "outperform" rating and issued a $208.00 target price (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $222.51.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the transaction, the chairman now directly owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company's stock.

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.