Avery Dennison Co. (NYSE:AVY) Shares Sold by Cary Street Partners Investment Advisory LLC

Cary Street Partners Investment Advisory LLC trimmed its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 35.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,120 shares of the industrial products company’s stock after selling 4,555 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in Avery Dennison were worth $1,759,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in AVY. Exchange Traded Concepts LLC boosted its holdings in Avery Dennison by 38.3% in the third quarter. Exchange Traded Concepts LLC now owns 3,298 shares of the industrial products company’s stock valued at $602,000 after purchasing an additional 914 shares during the last quarter. Czech National Bank boosted its stake in shares of Avery Dennison by 47.4% in the third quarter. Czech National Bank now owns 14,084 shares of the industrial products company’s stock worth $2,573,000 after buying an additional 4,527 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new stake in shares of Avery Dennison during the 3rd quarter worth approximately $4,019,000. Colton Groome Financial Advisors LLC acquired a new stake in Avery Dennison during the third quarter valued at $419,000. Finally, Xponance Inc. grew its position in shares of Avery Dennison by 1.5% during the 3rd quarter. Xponance Inc. now owns 14,379 shares of the industrial products company’s stock valued at $2,627,000 after acquiring an additional 207 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on AVY. Robert W. Baird increased their price target on Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Bank of America lowered Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price on the stock. in a research report on Tuesday, January 2nd. Citigroup upped their price objective on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. JPMorgan Chase & Co. increased their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Finally, Truist Financial boosted their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Activity

In related news, 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 completion of 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the sale, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares in the company, valued at approximately $606,383.47. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,879 shares of company stock valued at $4,217,705. 1.10% of the stock is currently owned by company insiders.

Avery Dennison Price Performance

AVY traded down $1.98 during trading on Tuesday, reaching $216.41. The company’s stock had a trading volume of 97,394 shares, compared to its average volume of 441,953. The company has a market cap of $17.43 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 3.38 and a beta of 0.90. The firm has a fifty day simple moving average of $215.91 and a two-hundred day simple moving average of $200.82. Avery Dennison Co. has a 1 year low of $158.93 and a 1 year high of $225.26. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 0.94.

Avery Dennison (NYSE:AVY) last announced 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. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.10 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 earnings per share. As a group, analysts anticipate that Avery Dennison Co. will post 9.26 EPS for the current year.

Avery Dennison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be given a dividend of $0.88 per share. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Tuesday, June 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 47.30%.

Avery Dennison Company 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.