Lombard Odier Asset Management Europe Ltd Buys New Position in Avery Dennison Co. (NYSE:AVY)

Lombard Odier Asset Management Europe Ltd purchased a new stake in Avery Dennison Co. (NYSE:AVY) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 10,526 shares of the industrial products company’s stock, valued at approximately $2,302,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Taylor Frigon Capital Management LLC increased its stake in shares of Avery Dennison by 0.8% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock valued at $1,426,000 after acquiring an additional 48 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Avery Dennison by 3.3% in the 2nd quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock valued at $341,000 after buying an additional 50 shares during the period. Condor Capital Management increased its position in Avery Dennison by 0.4% in the 4th quarter. Condor Capital Management now owns 13,716 shares of the industrial products company’s stock valued at $2,773,000 after buying an additional 60 shares in the last quarter. Bailard Inc. raised its stake in Avery Dennison by 0.5% during the 2nd quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock worth $2,668,000 after buying an additional 61 shares during the period. Finally, Czech National Bank boosted its holdings in Avery Dennison by 0.5% in the first quarter. Czech National Bank now owns 14,169 shares of the industrial products company’s stock worth $3,163,000 after acquiring an additional 64 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Stock Performance

NYSE:AVY opened at $215.69 on Tuesday. The business’s fifty day moving average is $215.50 and its 200 day moving average is $218.85. The firm has a market cap of $17.37 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 1.81 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. Avery Dennison Co. has a 52-week low of $165.21 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.16. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.92 earnings per share. Research analysts predict that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.63%. Avery Dennison’s dividend payout ratio (DPR) is presently 51.39%.

Analysts Set New Price Targets

A number of research firms have weighed in on AVY. BMO Capital Markets reaffirmed an “outperform” rating and issued a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Stifel Nicolaus initiated coverage on Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective on the stock. Robert W. Baird upped their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Citigroup raised their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. Finally, UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $242.36.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $64,745,870.60. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock worth $12,545,087 in the last ninety days. 1.10% of the stock is currently owned by insiders.

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.