Avery Dennison Co. (NYSE:AVY) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 0.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,347 shares of the industrial products company’s stock after selling 472 shares during the period. Retirement Systems of Alabama owned approximately 0.18% of Avery Dennison worth $28,979,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AVY. Exchange Traded Concepts LLC boosted its position in shares of Avery Dennison by 38.3% during the third quarter. Exchange Traded Concepts LLC now owns 3,298 shares of the industrial products company’s stock worth $602,000 after buying an additional 914 shares during the period. Oak Thistle LLC acquired a new position in shares of Avery Dennison during the third quarter worth approximately $287,000. Czech National Bank boosted its position in shares of Avery Dennison by 47.4% during the third quarter. Czech National Bank now owns 14,084 shares of the industrial products company’s stock worth $2,573,000 after buying an additional 4,527 shares during the period. Sumitomo Life Insurance Co. lifted its position in Avery Dennison by 4.4% in the third quarter. Sumitomo Life Insurance Co. now owns 12,358 shares of the industrial products company’s stock worth $2,257,000 after purchasing an additional 518 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new stake in Avery Dennison in the third quarter worth approximately $4,019,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVY has been the subject of a number of research analyst reports. Robert W. Baird upped their target price on Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Citigroup upped their target price on Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Raymond James restated an “outperform” rating and issued a $240.00 target price (up from $225.00) on shares of Avery Dennison in a research report on Thursday. Finally, Truist Financial upped their target price on Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus price target of $224.00.

Insider Transactions at Avery Dennison

In other news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the completion of the sale, the chairman now directly owns 321,487 shares in the company, valued at $69,878,414.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,879 shares of company stock valued at $4,217,705. 1.10% of the stock is owned by insiders.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $219.03 on Monday. Avery Dennison Co. has a 12-month low of $158.93 and a 12-month high of $225.26. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. The company has a market cap of $17.64 billion, a P/E ratio of 31.98, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The company’s fifty day moving average is $215.71 and its two-hundred day moving average is $200.58.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the business posted $1.65 earnings per share. Avery Dennison’s revenue for the quarter was up 4.2% compared to the same quarter last year. Equities analysts expect that Avery Dennison Co. will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.61%. Avery Dennison’s dividend payout ratio is 47.30%.

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.