Cary Street Partners Financial LLC Takes Position in Avery Dennison Co. (NYSE:AVY)

Cary Street Partners Financial LLC acquired a new position in Avery Dennison Co. (NYSE:AVY - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 10,265 shares of the industrial products company's stock, valued at approximately $1,921,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVY. Baird Financial Group Inc. boosted its holdings in Avery Dennison by 3.6% in the fourth quarter. Baird Financial Group Inc. now owns 61,520 shares of the industrial products company's stock valued at $11,512,000 after purchasing an additional 2,128 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Avery Dennison by 5.7% during the 4th quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after buying an additional 59 shares during the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Avery Dennison during the fourth quarter worth approximately $600,000. Beck Bode LLC bought a new stake in shares of Avery Dennison in the fourth quarter worth $5,642,000. Finally, Bank of America Corp DE raised its holdings in Avery Dennison by 37.4% in the fourth quarter. Bank of America Corp DE now owns 632,738 shares of the industrial products company's stock valued at $118,404,000 after acquiring an additional 172,172 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the sale, the chairman now directly owns 303,331 shares in the company, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

AVY has been the subject of several research analyst reports. BMO Capital Markets dropped their target price on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Truist Financial lowered their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Robert W. Baird reduced their target price on Avery Dennison from $220.00 to $210.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Barclays lowered their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. downgraded shares of Avery Dennison from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $205.00 to $172.00 in a report on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $209.80.

Avery Dennison Trading Down 0.4 %

Shares of NYSE:AVY opened at $170.32 on Wednesday. Avery Dennison Co. has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The company has a market cap of $13.32 billion, a PE ratio of 19.53, a P/E/G ratio of 2.07 and a beta of 0.88. The company's 50-day moving average price is $174.53 and its 200 day moving average price is $187.33.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.32 by ($0.02). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the prior year, the firm posted $2.29 earnings per share. The business's quarterly revenue was down .1% on a year-over-year basis. Sell-side analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current 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 issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 2.21%. 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. Avery Dennison's dividend payout ratio (DPR) is 43.32%.

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.

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