Truist Financial Corp Sells 79,590 Shares of Avery Dennison Co. (NYSE:AVY)

Truist Financial Corp decreased its position in Avery Dennison Co. (NYSE:AVY) by 7.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,016,934 shares of the industrial products company’s stock after selling 79,590 shares during the period. Truist Financial Corp’s holdings in Avery Dennison were worth $205,583,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVY. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Avery Dennison in the 3rd quarter valued at approximately $32,000. Milestone Investment Advisors LLC bought a new stake in shares of Avery Dennison in the third quarter worth $36,000. Anchor Investment Management LLC acquired a new position in Avery Dennison during the fourth quarter worth $42,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in Avery Dennison by 164.4% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 166 shares in the last quarter. Finally, Adirondack Trust Co. acquired a new stake in Avery Dennison in the 3rd quarter valued at $55,000. 94.17% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Avery Dennison

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 stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the sale, the insider now owns 2,843 shares in the company, valued at $606,383.47. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the transaction, the chairman now directly owns 321,487 shares in the company, valued at $69,878,414.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. 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 in the last three months. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AVY has been the subject of several analyst reports. Robert W. Baird raised their price objective on Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup raised their price target on Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Bank of America cut Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 price objective on the stock. in a research note on Tuesday, January 2nd. UBS Group raised their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Avery Dennison currently has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Avery Dennison Stock Performance

Shares of NYSE AVY traded up $1.86 during midday trading on Friday, hitting $219.02. 556,567 shares of the company’s stock were exchanged, 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. The firm has a market capitalization of $17.64 billion, a PE ratio of 31.97, a price-to-earnings-growth ratio of 3.28 and a beta of 0.90. Avery Dennison Co. has a 12 month low of $158.93 and a 12 month high of $225.26. The company’s 50 day moving average price is $215.71 and its 200 day moving average price is $200.36.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data 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 6.56% and a return on equity of 32.59%. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the business posted $1.65 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts predict that Avery Dennison Co. will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business 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. The ex-dividend date is Wednesday, June 5th. This represents a $3.52 dividend on an annualized basis and a yield of 1.61%. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s dividend payout ratio is 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.