28,055 Avery Dennison Corporation $AVY Shares Sold by Asset Management One Co. Ltd.

Key Points

• Asset Management One cut its Avery Dennison stake by 87.3%, selling 28,055 shares in the third quarter and retaining 4,091 shares valued at about $698,000.
• Avery Dennison beat quarterly expectations, reporting EPS of $2.42 versus $2.32 expected and revenue of $2.33 billion versus $2.26 billion expected; revenue rose 5.2% year over year.
• The company announced a quarterly dividend of $1 per share, equivalent to $4 annually and a 2.2% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $201.10.

Asset Management One Co. Ltd. decreased its position in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 87.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,091 shares of the industrial products company's stock after selling 28,055 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Avery Dennison were worth $698,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVY. Roman Butler Fullerton & Co. bought a new position in shares of Avery Dennison in the 3rd quarter worth about $248,000. Apollon Wealth Management LLC boosted its position in shares of Avery Dennison by 197.1% during the 3rd quarter. Apollon Wealth Management LLC now owns 5,184 shares of the industrial products company's stock valued at $885,000 after purchasing an additional 3,439 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Avery Dennison by 61.3% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,316 shares of the industrial products company's stock valued at $225,000 after purchasing an additional 500 shares in the last quarter. Signaturefd LLC grew its stake in Avery Dennison by 875.1% during the third quarter. Signaturefd LLC now owns 2,974 shares of the industrial products company's stock worth $508,000 after purchasing an additional 2,669 shares during the period. Finally, Citizens Financial Group Inc. RI acquired a new stake in Avery Dennison during the third quarter worth approximately $1,124,000. Institutional investors and hedge funds own 94.17% of the company's stock.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,886 shares of the company's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $170.68, for a total transaction of $663,262.48. Following the completion of the sale, the senior vice president owned 7,126 shares in the company, valued at approximately $1,216,265.68. This represents a 35.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.81% of the stock is currently owned by insiders.

Avery Dennison Trading Down 0.7%

AVY opened at $185.66 on Wednesday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.16 and a quick ratio of 0.80. Avery Dennison Corporation has a fifty-two week low of $152.42 and a fifty-two week high of $199.54. The firm has a market capitalization of $14.07 billion, a PE ratio of 18.28, a P/E/G ratio of 2.20 and a beta of 0.77. The company's 50-day moving average is $174.34 and its 200 day moving average is $172.27.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.10. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.26 billion. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.37 EPS. As a group, research analysts predict that Avery Dennison Corporation will post 10.17 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, December 2nd. Avery Dennison's dividend payout ratio (DPR) is currently 43.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVY. JPMorgan Chase & Co. lifted their target price on Avery Dennison from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday, October 30th. Bank of America restated a "buy" rating on shares of Avery Dennison in a report on Friday, August 14th. Weiss Ratings upgraded shares of Avery Dennison from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. UBS Group boosted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, October 30th. Finally, Truist Financial cut their target price on shares of Avery Dennison from $209.00 to $208.00 and set a "buy" rating on the stock in a research note on Monday, October 12th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $201.10.

About Avery Dennison

Avery Dennison Corporation NYSE: AVY is a global materials science and manufacturing company that develops and produces labeling, packaging, graphic, and functional materials. Its products are used by businesses across industries including consumer goods, retail, logistics, apparel, automotive, healthcare, and industrial manufacturing.

The company's offerings include pressure-sensitive labels and label materials, adhesives, industrial and specialty tapes, graphic films, and packaging materials.

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