Franklin Resources Inc. Acquires 686 Shares of Avery Dennison Co. (NYSE:AVY)

Franklin Resources Inc. lifted its holdings in Avery Dennison Co. (NYSE:AVY) by 0.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 296,047 shares of the industrial products company’s stock after buying an additional 686 shares during the quarter. Franklin Resources Inc. owned about 0.37% of Avery Dennison worth $55,399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB lifted its position in shares of Avery Dennison by 485.2% during the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock worth $6,715,000 after purchasing an additional 29,541 shares in the last quarter. Meyer Handelman Co. acquired a new position in Avery Dennison during the 4th quarter worth $4,263,000. JPMorgan Chase & Co. boosted its position in Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock valued at $92,771,000 after buying an additional 46,390 shares during the last quarter. Unigestion Holding SA acquired a new stake in shares of Avery Dennison in the 3rd quarter valued at $6,701,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Avery Dennison during the fourth quarter worth $218,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Trading Down 3.4 %

NYSE AVY opened at $170.30 on Friday. 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’s 50-day moving average is $181.82 and its 200-day moving average is $195.27. Avery Dennison Co. has a one year low of $168.77 and a one year high of $233.48. The firm has a market cap of $13.45 billion, a P/E ratio of 19.53, a P/E/G ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results 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%. Sell-side analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s dividend payout ratio is 40.37%.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the sale, the chairman now owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. This trade represents a 4.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. upgraded Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their price target for the company from $210.00 to $205.00 in a report on Friday, January 31st. UBS Group lowered their price target on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Truist Financial restated a “buy” rating and issued a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Robert W. Baird set a $220.00 target price on shares of Avery Dennison in a report on Friday, January 31st. Finally, Bank of America cut their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison currently has a consensus rating of “Moderate Buy” and an average price target of $222.51.

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.