Avery Dennison Corporation $AVY Shares Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Avery Dennison stake by 4.6% in the third quarter, selling 14,400 shares and retaining 300,128 shares valued at about $51.2 million.
• Avery Dennison beat quarterly estimates, reporting EPS of $2.42 versus $2.32 expected and revenue of $2.33 billion, up 5.2% year over year. It declared a $1.00 quarterly dividend, equivalent to a 2.1% yield.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $201.10; institutional investors collectively own 94.17% of the company.

Boston Trust Walden Corp lowered its position in Avery Dennison Corporation (NYSE:AVY - Free Report) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 300,128 shares of the industrial products company's stock after selling 14,400 shares during the quarter. Boston Trust Walden Corp owned 0.40% of Avery Dennison worth $51,223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in AVY. BlackRock Inc. acquired a new stake in Avery Dennison in the 2nd quarter valued at about $1,052,464,000. Wellington Management Group LLP increased its holdings in Avery Dennison by 9.1% during the 2nd quarter. Wellington Management Group LLP now owns 5,788,479 shares of the industrial products company's stock valued at $939,760,000 after acquiring an additional 482,054 shares in the last quarter. Ninety One UK Ltd acquired a new position in Avery Dennison during the third quarter worth about $341,344,000. Robeco Institutional Asset Management B.V. raised its position in Avery Dennison by 2,376.0% during 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Avery Dennison by 1.9% during 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 last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Stock Performance

NYSE:AVY opened at $192.96 on Thursday. The firm has a 50-day moving average of $174.60 and a two-hundred day moving average of $172.29. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.16 and a quick ratio of 0.80. The stock has a market cap of $14.62 billion, a P/E ratio of 20.88, a PEG ratio of 2.19 and a beta of 0.77. Avery Dennison Corporation has a 1-year low of $152.42 and a 1-year high of $199.54.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its 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. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company earned $2.37 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts expect that Avery Dennison Corporation will post 10.17 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on AVY shares. Citigroup upped their price target on shares of Avery Dennison from $186.00 to $191.00 and gave the company a "neutral" rating in a report on Monday. JPMorgan Chase & Co. boosted their price target on Avery Dennison from $190.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, October 30th. Truist Financial decreased 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 report on Monday, October 12th. UBS Group boosted their price target on Avery Dennison from $225.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, October 30th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $181.00 price objective on shares of Avery Dennison in a research report on Monday, September 28th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Avery Dennison has a consensus rating of "Moderate Buy" and an average target price of $201.10.

Insider Activity

In other Avery Dennison news, SVP Nicholas Colisto sold 3,886 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $170.68, for a total value of $663,262.48. Following the transaction, the senior vice president directly owned 7,126 shares of the company's stock, valued at $1,216,265.68. This represents a 35.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.81% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding AVY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avery Dennison Corporation (NYSE:AVY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.