DAVENPORT & Co LLC Sells 3,666 Shares of Avery Dennison Co. (NYSE:AVY)

DAVENPORT & Co LLC reduced its stake in Avery Dennison Co. (NYSE:AVYFree Report) by 1.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,280 shares of the industrial products company’s stock after selling 3,666 shares during the period. DAVENPORT & Co LLC owned 0.40% of Avery Dennison worth $64,594,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVY. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Avery Dennison in the fourth quarter valued at approximately $2,715,000. Janney Montgomery Scott LLC increased its holdings in Avery Dennison by 736.1% in the third quarter. Janney Montgomery Scott LLC now owns 142,766 shares of the industrial products company’s stock valued at $26,080,000 after buying an additional 125,691 shares in the last quarter. Nordea Investment Management AB increased its holdings in Avery Dennison by 4.8% in the fourth quarter. Nordea Investment Management AB now owns 5,902 shares of the industrial products company’s stock valued at $1,196,000 after buying an additional 268 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Avery Dennison by 5.2% in the second quarter. O Shaughnessy Asset Management LLC now owns 2,408 shares of the industrial products company’s stock valued at $414,000 after buying an additional 118 shares in the last quarter. Finally, FMR LLC increased its holdings in Avery Dennison by 27.5% in the third quarter. FMR LLC now owns 958,790 shares of the industrial products company’s stock valued at $175,142,000 after buying an additional 206,784 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Insider Activity

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

Wall Street Analysts Forecast Growth

AVY has been the subject of a number of recent analyst reports. Raymond James lifted their price objective on shares of Avery Dennison from $199.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. UBS Group lifted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. JPMorgan Chase & Co. lifted their target price on shares of Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Finally, Truist Financial reiterated a “buy” rating and issued a $249.00 target price on shares of Avery Dennison in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $218.78.

Check Out Our Latest Report on Avery Dennison

Avery Dennison Price Performance

AVY traded down $3.20 on Tuesday, reaching $220.37. 402,886 shares of the company’s stock were exchanged, compared to its average volume of 442,221. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.04 and a quick ratio of 0.69. The stock’s fifty day moving average price is $211.29 and its 200-day moving average price is $196.57. Avery Dennison Co. has a twelve month low of $158.93 and a twelve month high of $225.26. The stock has a market cap of $17.74 billion, a PE ratio of 35.49, a P/E/G ratio of 3.44 and a beta of 0.90.

Avery Dennison (NYSE:AVYGet Free Report) last issued its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, hitting analysts’ consensus estimates of $2.16. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The company had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. Avery Dennison’s quarterly revenue was up 4.2% compared to the same quarter last year. Sell-side analysts expect that Avery Dennison Co. will post 9.28 EPS for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is 52.17%.

About Avery Dennison

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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