Magnetar Financial LLC Takes Position in Avery Dennison Co. (NYSE:AVY)

Magnetar Financial LLC bought a new stake in shares of Avery Dennison Co. (NYSE:AVY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,560 shares of the industrial products company’s stock, valued at approximately $479,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVY. OneDigital Investment Advisors LLC bought a new position in shares of Avery Dennison during the 3rd quarter valued at approximately $207,000. Caprock Group LLC grew its position in shares of Avery Dennison by 12.8% during the 3rd quarter. Caprock Group LLC now owns 1,326 shares of the industrial products company’s stock valued at $293,000 after acquiring an additional 150 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Avery Dennison during the 3rd quarter valued at approximately $981,000. Advisors Asset Management Inc. grew its position in shares of Avery Dennison by 12.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 12,007 shares of the industrial products company’s stock valued at $2,651,000 after acquiring an additional 1,340 shares during the period. Finally, First Horizon Advisors Inc. grew its position in shares of Avery Dennison by 5.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,166 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 65 shares during the period. 94.17% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on AVY shares. Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and issued a $208.00 price objective (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Bank of America cut their price objective on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $210.00 to $205.00 in a report on Friday, January 31st. Finally, Barclays cut their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.51.

Insider Activity

In other 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 transaction of $2,358,412.65. Following the sale, the chairman now owns 303,331 shares in the company, valued at approximately $55,160,742.35. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.84% of the company’s stock.

Avery Dennison Stock Performance

NYSE AVY opened at $174.68 on Friday. Avery Dennison Co. has a 1 year low of $173.02 and a 1 year high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The stock has a market capitalization of $13.79 billion, a PE ratio of 20.03, a P/E/G ratio of 2.07 and a beta of 0.85. The company’s 50 day simple moving average is $184.59 and its two-hundred day simple moving average is $198.04.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data 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 net margin of 8.05% and a return on equity of 33.06%. 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 disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.02%. The ex-dividend date was Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 40.37%.

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.