Millennium Management LLC Has $22.98 Million Holdings in Avery Dennison Co. (NYSE:AVY)

Millennium Management LLC raised its position in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 23.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 122,782 shares of the industrial products company's stock after purchasing an additional 23,563 shares during the quarter. Millennium Management LLC owned approximately 0.15% of Avery Dennison worth $22,976,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Avery Dennison by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after buying an additional 33,149 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Avery Dennison by 3.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,225,309 shares of the industrial products company's stock worth $790,683,000 after buying an additional 150,572 shares during the period. Ameriprise Financial Inc. grew its position in shares of Avery Dennison by 12.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company's stock worth $409,014,000 after buying an additional 250,359 shares during the period. Geode Capital Management LLC grew its position in shares of Avery Dennison by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company's stock worth $392,445,000 after buying an additional 13,815 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of Avery Dennison by 4.0% during the 4th quarter. Lazard Asset Management LLC now owns 1,841,520 shares of the industrial products company's stock worth $344,603,000 after buying an additional 71,435 shares during the period. Institutional investors and hedge funds own 94.17% of the company's stock.

Insider Buying and Selling at Avery Dennison

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AVY. UBS Group reduced their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $226.00 to $216.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Barclays reduced their price objective on shares of Avery Dennison from $225.00 to $210.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $205.00 to $172.00 in a report on Thursday, April 24th. Finally, Truist Financial cut their target price on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $206.60.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $183.93 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10. The stock's fifty day simple moving average is $173.97 and its two-hundred day simple moving average is $185.35. Avery Dennison Co. has a 1-year low of $157.00 and a 1-year high of $233.48. The stock has a market cap of $14.38 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share 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 company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter last year, the business posted $2.29 earnings per share. Avery Dennison's revenue was down .1% on a year-over-year basis. As a group, 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. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Wednesday, June 4th. 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 2.04%. Avery Dennison's dividend payout ratio (DPR) is 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.

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