Two Sigma Investments LP Has $13.22 Million Stake in Avery Dennison Co. (NYSE:AVY)

Two Sigma Investments LP trimmed its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 61.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,632 shares of the industrial products company's stock after selling 112,899 shares during the quarter. Two Sigma Investments LP owned 0.09% of Avery Dennison worth $13,217,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AVY. Norges Bank acquired a new position in shares of Avery Dennison in the 4th quarter worth approximately $188,643,000. Raymond James Financial Inc. acquired a new position in shares of Avery Dennison in the 4th quarter worth approximately $51,521,000. Ameriprise Financial Inc. grew its position in shares of Avery Dennison by 12.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after acquiring an additional 250,359 shares in the last quarter. Capital World Investors acquired a new position in shares of Avery Dennison in the 4th quarter worth approximately $40,354,000. Finally, Deutsche Bank AG grew its position in shares of Avery Dennison by 81.3% in the 4th quarter. Deutsche Bank AG now owns 465,479 shares of the industrial products company's stock worth $87,105,000 after acquiring an additional 208,678 shares in the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $205.00 to $172.00 in a research report on Thursday, April 24th. Jefferies Financial Group assumed coverage on Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price objective for the company. Wall Street Zen upgraded Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Truist Financial reduced their price objective on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets reduced their price objective on Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $206.60.

Avery Dennison Stock Up 0.4%

NYSE AVY traded up $0.77 during trading hours on Thursday, reaching $178.53. 74,591 shares of the company's stock were exchanged, compared to its average volume of 611,175. The company's 50-day moving average is $174.09 and its two-hundred day moving average is $184.40. Avery Dennison Co. has a one year low of $157.00 and a one year high of $233.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth 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 return on equity of 33.06% and a net margin of 8.05%. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the company earned $2.29 EPS. The company's revenue was down .1% compared to the same quarter last year. On average, analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a dividend yield of 2.11%. Avery Dennison's dividend payout ratio is presently 43.32%.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the firm'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 transaction, the chairman now directly owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. This trade represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.84% of the company's stock.

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.