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

Retirement Systems of Alabama lessened its stake in shares of Avery Dennison Co. (NYSE:AVY) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,723 shares of the industrial products company’s stock after selling 244 shares during the quarter. Retirement Systems of Alabama owned about 0.16% of Avery Dennison worth $23,527,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased 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 purchasing an additional 29,541 shares during the period. Victory Capital Management Inc. grew its holdings in Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after acquiring an additional 90,250 shares during the period. Icon Wealth Advisors LLC raised its position in Avery Dennison by 553.5% in the third 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 in the last quarter. Meyer Handelman Co. acquired a new stake in Avery Dennison in the 4th quarter valued at about $4,263,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Avery Dennison by 12.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock valued at $92,771,000 after purchasing an additional 46,390 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the subject of several recent research reports. Bank of America cut their target price on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Truist Financial restated a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Raymond James reaffirmed an “outperform” rating and set a $208.00 target price (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. BMO Capital Markets dropped their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $210.00 to $205.00 in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.15.

Avery Dennison Trading Down 1.7 %

Avery Dennison stock opened at $181.57 on Friday. Avery Dennison Co. has a 12 month low of $179.20 and a 12 month high of $233.48. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The stock has a market cap of $14.59 billion, a P/E ratio of 20.82, a P/E/G ratio of 1.37 and a beta of 0.89. The company’s fifty day simple moving average is $191.86 and its 200-day simple moving average is $205.18.

Avery Dennison (NYSE:AVY) last issued its quarterly 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%. As a group, sell-side analysts forecast that Avery Dennison Co. will post 10.03 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.88 per share. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.94%. Avery Dennison’s payout ratio is presently 40.37%.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This trade represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate 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.