Townsquare Capital LLC Sells 8,528 Shares of Avery Dennison Co. (NYSE:AVY)

Townsquare Capital LLC reduced its position in Avery Dennison Co. (NYSE:AVY) by 34.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,353 shares of the industrial products company’s stock after selling 8,528 shares during the quarter. Townsquare Capital LLC’s holdings in Avery Dennison were worth $3,060,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of AVY. Heritage Trust Co acquired a new stake in Avery Dennison during the 4th quarter worth about $552,000. Treasurer of the State of North Carolina grew its stake in Avery Dennison by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 35,230 shares of the industrial products company’s stock worth $6,593,000 after purchasing an additional 220 shares during the period. Raymond James Financial Inc. bought a new stake in Avery Dennison in the fourth quarter worth approximately $51,521,000. Advisory Services Network LLC lifted its stake in Avery Dennison by 12.3% in the fourth quarter. Advisory Services Network LLC now owns 2,731 shares of the industrial products company’s stock valued at $511,000 after buying an additional 300 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of Avery Dennison during the 4th quarter worth approximately $11,396,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Price Performance

AVY opened at $169.57 on Wednesday. The firm’s fifty day moving average price is $178.15 and its two-hundred day moving average price is $192.11. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. Avery Dennison Co. has a 1 year low of $157.00 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. As a group, analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $3.52 annualized dividend and a yield of 2.08%. Avery Dennison’s dividend payout ratio is currently 40.37%.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction dated 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 completion of the transaction, the chairman now owns 303,331 shares in the company, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AVY shares. Barclays dropped their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Raymond James reaffirmed an “outperform” rating and set a $208.00 price target (down from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. Truist Financial reissued a “buy” rating and issued a $215.00 price objective (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. BMO Capital Markets set a $226.00 target price on Avery Dennison in a research report on Monday, February 3rd. Finally, Citigroup cut their target price on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and an average target price of $220.87.

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.