Bank of America Corp DE Has $118.40 Million Position in Avery Dennison Co. (NYSE:AVY)

Bank of America Corp DE grew its stake in Avery Dennison Co. (NYSE:AVY - Free Report) by 37.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 632,738 shares of the industrial products company's stock after acquiring an additional 172,172 shares during the period. Bank of America Corp DE owned 0.79% of Avery Dennison worth $118,404,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Avery Dennison by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock valued at $1,811,738,000 after acquiring an additional 33,149 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Avery Dennison by 3.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock worth $790,683,000 after purchasing an additional 150,572 shares during the period. Ameriprise Financial Inc. grew its holdings in Avery Dennison by 12.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after purchasing an additional 250,359 shares during the period. Geode Capital Management LLC grew its holdings in Avery Dennison by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock worth $392,445,000 after purchasing an additional 13,815 shares during the period. Finally, Northern Trust Corp grew its holdings in Avery Dennison by 17.9% during the fourth quarter. Northern Trust Corp now owns 1,106,083 shares of the industrial products company's stock worth $206,981,000 after purchasing an additional 168,311 shares during the period. Institutional investors own 94.17% of the company's stock.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,068 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the completion of the transaction, the chairman now owns 316,300 shares of the company's stock, valued at approximately $58,891,897. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.84% of the stock is owned by corporate insiders.

Avery Dennison Price Performance

Shares of NYSE AVY traded down $1.50 during midday trading on Wednesday, reaching $180.63. The company's stock had a trading volume of 681,719 shares, compared to its average volume of 609,559. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The business's 50 day moving average price is $173.78 and its two-hundred day moving average price is $186.19. The company has a market cap of $14.12 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.07 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts' consensus estimates of $2.32 by ($0.02). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the firm posted $2.29 earnings per share. The firm's quarterly revenue was down .1% on a year-over-year basis. On average, analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.94 dividend. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.76 annualized dividend and a dividend yield of 2.08%. Avery Dennison's dividend payout ratio (DPR) is presently 43.32%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $205.00 to $172.00 in a report on Thursday, April 24th. BMO Capital Markets reduced their price target on Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Truist Financial reduced their price target on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Raymond James reduced their price target on Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group initiated coverage on Avery Dennison in a report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $206.60.

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.