Two Sigma Investments LP Sells 112,899 Shares of Avery Dennison Co. (NYSE:AVY)

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

Other large investors have also modified their holdings of the company. Merit Financial Group LLC acquired a new stake in shares of Avery Dennison during the fourth quarter valued at approximately $203,000. Mutual Advisors LLC grew its position in Avery Dennison by 74.9% during the 4th quarter. Mutual Advisors LLC now owns 2,498 shares of the industrial products company's stock worth $478,000 after purchasing an additional 1,070 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Avery Dennison by 9.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,114 shares of the industrial products company's stock valued at $770,000 after purchasing an additional 343 shares during the period. Gradient Investments LLC lifted its holdings in shares of Avery Dennison by 0.7% in the fourth quarter. Gradient Investments LLC now owns 68,310 shares of the industrial products company's stock valued at $12,783,000 after purchasing an additional 501 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in Avery Dennison by 8.5% during the fourth quarter. Fifth Third Bancorp now owns 3,242 shares of the industrial products company's stock valued at $607,000 after purchasing an additional 254 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares in the company, valued at approximately $55,160,742.35. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVY. UBS Group dropped their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Barclays cut their price target on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Truist Financial lowered their price target on Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Argus lowered shares of Avery Dennison from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Finally, Wall Street Zen raised shares of Avery Dennison from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $206.60.

Avery Dennison Stock Performance

NYSE:AVY traded up $3.86 during midday trading on Tuesday, reaching $181.41. The stock had a trading volume of 763,613 shares, compared to its average volume of 613,434. The stock has a market capitalization of $14.18 billion, a P/E ratio of 20.80, a PEG ratio of 2.07 and a beta of 0.88. Avery Dennison Co. has a 1-year low of $157.00 and a 1-year high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The firm's fifty day simple moving average is $173.93 and its 200-day simple moving average is $184.47.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings results 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 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 period in the prior year, the business posted $2.29 earnings per share. The company's revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.94 per share. This is a boost from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.07%. The ex-dividend date is Wednesday, June 4th. Avery Dennison's dividend payout ratio is presently 43.32%.

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.