AEGON ASSET MANAGEMENT UK Plc Sells 42,475 Shares of Avery Dennison Corporation $AVY

Key Points

• AEGON Asset Management UK cut its Avery Dennison stake by 36.8% in the third quarter, selling 42,475 shares; it retained 72,881 shares valued at about $12.4 million.
• Avery Dennison beat quarterly expectations, reporting EPS of $2.42 versus the $2.32 consensus and revenue of $2.33 billion, up 5.2% year over year.
• Analysts give the stock a consensus “Moderate Buy” rating with an average price target of $201.10; the company also declared a $1-per-share quarterly dividend.

AEGON ASSET MANAGEMENT UK Plc lessened its holdings in shares of Avery Dennison Corporation (NYSE:AVY - Free Report) by 36.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,881 shares of the industrial products company's stock after selling 42,475 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.10% of Avery Dennison worth $12,439,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVY. BlackRock Inc. purchased a new stake in Avery Dennison in the 2nd quarter worth approximately $1,052,464,000. Wellington Management Group LLP increased its holdings in Avery Dennison by 9.1% in the second quarter. Wellington Management Group LLP now owns 5,788,479 shares of the industrial products company's stock valued at $939,760,000 after buying an additional 482,054 shares in the last quarter. Ninety One UK Ltd purchased a new position in Avery Dennison in the third quarter valued at $341,344,000. Robeco Institutional Asset Management B.V. raised its position in shares of Avery Dennison by 2,376.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 984,976 shares of the industrial products company's stock worth $168,106,000 after acquiring an additional 945,195 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Avery Dennison by 1.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 956,886 shares of the industrial products company's stock worth $155,350,000 after acquiring an additional 17,769 shares during the period. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AVY shares. JPMorgan Chase & Co. raised their target price on Avery Dennison from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Friday, October 30th. Bank of America reiterated a "buy" rating on shares of Avery Dennison in a research report on Friday, August 14th. UBS Group raised their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a "buy" rating in a report on Friday, October 30th. Citigroup boosted their price objective on Avery Dennison from $186.00 to $191.00 and gave the company a "neutral" rating in a research report on Monday, November 2nd. Finally, Truist Financial reduced their target price on Avery Dennison from $209.00 to $208.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $201.10.

Avery Dennison Trading Up 0.5%

Shares of Avery Dennison stock opened at $187.68 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 0.80 and a debt-to-equity ratio of 1.33. Avery Dennison Corporation has a twelve month low of $152.42 and a twelve month high of $199.54. The firm has a market capitalization of $14.17 billion, a PE ratio of 18.83, a P/E/G ratio of 2.27 and a beta of 0.77. The firm's 50-day moving average price is $175.12 and its 200 day moving average price is $172.33.

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

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a dividend of $1.00 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $4.00 dividend on an annualized basis and a yield of 2.1%. Avery Dennison's payout ratio is presently 43.29%.

Insider Activity

In related news, Director Andres Alberto Lopez sold 4,000 shares of the company's stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $193.80, for a total transaction of $775,200.00. Following the completion of the sale, the director owned 1,147 shares of the company's stock, valued at approximately $222,288.60. This represents a 77.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Nicholas Colisto sold 3,886 shares of the stock in a transaction dated Tuesday, September 15th. The shares were 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 of the company's stock, valued at approximately $1,216,265.68. The trade was a 35.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is currently owned by corporate insiders.

Avery Dennison Profile

Avery Dennison is a global materials science and digital identification solutions company. Its products include pressure-sensitive labels and adhesives, packaging materials, and graphic films used in applications such as product labeling, vehicle graphics, and building signage.

The company also develops technologies that help businesses identify and track products, including RFID inlays and tags, which can support inventory management and supply-chain visibility. Its solutions serve customers across industries such as apparel, food and beverage, logistics, healthcare, and retail.

Founded in 1935 by R.

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