ING Groep NV Sells 5,770 Shares of Avery Dennison Co. (NYSE:AVY)

ING Groep NV lowered its holdings in Avery Dennison Co. (NYSE:AVY) by 16.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,869 shares of the industrial products company’s stock after selling 5,770 shares during the quarter. ING Groep NV’s holdings in Avery Dennison were worth $6,594,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in AVY. Innealta Capital LLC bought a new position in Avery Dennison during the second quarter worth $28,000. Kennebec Savings Bank bought a new position in shares of Avery Dennison during the 3rd quarter worth about $36,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Avery Dennison during the second quarter valued at about $42,000. 1620 Investment Advisors Inc. bought a new stake in shares of Avery Dennison in the second quarter valued at about $51,000. Finally, Raleigh Capital Management Inc. grew its position in Avery Dennison by 1,400.0% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after buying an additional 238 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total transaction of $2,142,100.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $65,144,259.94. This represents a 3.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 27,108 shares of company stock valued at $5,821,497. 1.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVY has been the subject of a number of research reports. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup decreased their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Barclays dropped their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. UBS Group lowered shares of Avery Dennison from a “buy” rating to a “neutral” rating and decreased their target price for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. lowered shares of Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Stock Performance

NYSE:AVY opened at $197.73 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $15.89 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 1.56 and a beta of 0.89. The firm has a 50 day moving average of $213.17 and a 200-day moving average of $217.66. Avery Dennison Co. has a 1 year low of $186.66 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.10 earnings per share. As a group, sell-side analysts anticipate that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.78%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

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.