State of New Jersey Common Pension Fund D Sells 2,103 Shares of Avery Dennison Co. (NYSE:AVY)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 4.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,185 shares of the industrial products company’s stock after selling 2,103 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Avery Dennison were worth $8,326,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. New York Life Investment Management LLC increased its holdings in Avery Dennison by 0.5% in the 3rd quarter. New York Life Investment Management LLC now owns 11,454 shares of the industrial products company’s stock worth $2,092,000 after acquiring an additional 58 shares during the last quarter. Signaturefd LLC increased its holdings in Avery Dennison by 25.5% in the 3rd quarter. Signaturefd LLC now owns 300 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 61 shares during the last quarter. Advisor Partners II LLC increased its holdings in Avery Dennison by 1.9% in the 3rd quarter. Advisor Partners II LLC now owns 3,342 shares of the industrial products company’s stock worth $610,000 after acquiring an additional 63 shares during the last quarter. Lindbrook Capital LLC increased its holdings in Avery Dennison by 11.5% in the 4th quarter. Lindbrook Capital LLC now owns 630 shares of the industrial products company’s stock worth $127,000 after acquiring an additional 65 shares during the last quarter. Finally, Atria Wealth Solutions Inc. increased its holdings in Avery Dennison by 4.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 1,714 shares of the industrial products company’s stock worth $347,000 after acquiring an additional 66 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Ignacio J. Walker sold 5,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value of $1,069,500.00. Following the sale, the senior vice president now directly owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total value of $1,775,396.48. Following the sale, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value of $1,069,500.00. Following the completion of the sale, the senior vice president now directly owns 6,102 shares in the company, valued at $1,305,217.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,879 shares of company stock valued at $4,217,705 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the subject of a number of recent analyst reports. Raymond James reaffirmed an “outperform” rating and set a $240.00 target price (up previously from $225.00) on shares of Avery Dennison in a report on Thursday. Robert W. Baird lifted their target price on Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup lifted their target price on Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. lifted their target price on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday. Finally, UBS Group lifted their price target on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $224.00.

Avery Dennison Trading Up 0.9 %

Shares of AVY traded up $1.86 during mid-day trading on Friday, hitting $219.02. 556,567 shares of the company’s stock traded hands, compared to its average volume of 444,945. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. Avery Dennison Co. has a 1 year low of $158.93 and a 1 year high of $225.26. The firm has a market capitalization of $17.64 billion, a P/E ratio of 31.99, a PEG ratio of 3.28 and a beta of 0.90. The business’s 50-day moving average price is $215.51 and its 200-day moving average price is $200.13.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. The business’s revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Avery Dennison Co. will post 9.26 EPS for the current fiscal year.

Avery Dennison Increases Dividend

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