PNC Financial Services Group Inc. Sells 1,251 Shares of Avery Dennison Co. (NYSE:AVY)

PNC Financial Services Group Inc. lessened its stake in shares of Avery Dennison Co. (NYSE:AVY) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,425 shares of the industrial products company’s stock after selling 1,251 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Avery Dennison were worth $8,262,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in AVY. O Shaughnessy Asset Management LLC grew its holdings in Avery Dennison by 40.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 6,300 shares of the industrial products company’s stock valued at $1,406,000 after purchasing an additional 1,807 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Avery Dennison by 2.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 49,408 shares of the industrial products company’s stock valued at $11,031,000 after buying an additional 1,380 shares during the last quarter. Natixis raised its holdings in Avery Dennison by 365.9% in the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after acquiring an additional 3,575 shares during the period. Shell Asset Management Co. acquired a new position in Avery Dennison during the 1st quarter worth $382,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Avery Dennison in the first quarter valued at about $208,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVY. Citigroup cut their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and increased their price objective for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. BMO Capital Markets lowered their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Barclays cut their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $244.96.

Avery Dennison Stock Performance

NYSE:AVY opened at $202.59 on Friday. The firm has a market capitalization of $16.28 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.51 and a beta of 0.89. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12-month low of $187.93 and a 12-month high of $233.48. The firm has a 50-day moving average price of $211.12 and a 200 day moving average price of $216.94.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the firm posted $2.10 EPS. Avery Dennison’s quarterly revenue was up 4.1% compared to the same quarter last year. Research analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders 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 1.74%. Avery Dennison’s dividend payout ratio is presently 42.26%.

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.