Woodline Partners LP Invests $7.82 Million in Avery Dennison Co. (NYSE:AVY)

Woodline Partners LP purchased a new position in Avery Dennison Co. (NYSE:AVY - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 41,803 shares of the industrial products company's stock, valued at approximately $7,823,000. Woodline Partners LP owned about 0.05% of Avery Dennison at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AVY. Greenleaf Trust grew its holdings in shares of Avery Dennison by 4.4% during the 4th quarter. Greenleaf Trust now owns 1,352 shares of the industrial products company's stock valued at $253,000 after purchasing an additional 57 shares during the last quarter. HBK Sorce Advisory LLC grew its holdings in shares of Avery Dennison by 0.5% during the 4th quarter. HBK Sorce Advisory LLC now owns 11,862 shares of the industrial products company's stock valued at $2,220,000 after purchasing an additional 58 shares during the last quarter. Baker Avenue Asset Management LP grew its holdings in shares of Avery Dennison by 5.7% during the 4th quarter. Baker Avenue Asset Management LP now owns 1,100 shares of the industrial products company's stock valued at $206,000 after purchasing an additional 59 shares during the last quarter. New York Life Investment Management LLC grew its holdings in shares of Avery Dennison by 0.6% during the 4th quarter. New York Life Investment Management LLC now owns 10,981 shares of the industrial products company's stock valued at $2,055,000 after purchasing an additional 61 shares during the last quarter. Finally, Smith Moore & CO. grew its holdings in shares of Avery Dennison by 1.4% during the 4th quarter. Smith Moore & CO. now owns 4,720 shares of the industrial products company's stock valued at $883,000 after purchasing an additional 63 shares during the last quarter. Institutional investors own 94.17% of the company's stock.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison 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 completion of the sale, the chairman now directly owns 303,331 shares in the company, valued at approximately $55,160,742.35. This trade represents a 4.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVY shares. Truist Financial dropped their price target on shares of Avery Dennison from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird dropped their price target on shares of Avery Dennison from $220.00 to $210.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Barclays dropped their price target 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. Jefferies Financial Group started coverage on shares of Avery Dennison in a research report on Tuesday, April 22nd. They set a "hold" rating and a $175.00 price target for the company. Finally, Raymond James dropped their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and a consensus price target of $206.60.

Avery Dennison Stock Down 1.1%

NYSE AVY traded down $2.02 during trading hours on Wednesday, reaching $179.33. 72,275 shares of the company's stock traded hands, compared to its average volume of 771,904. Avery Dennison Co. has a 52-week low of $157.00 and a 52-week high of $233.48. The firm has a market cap of $14.02 billion, a PE ratio of 20.57, a PEG ratio of 2.07 and a beta of 0.88. The firm has a 50-day simple moving average of $174.02 and a 200 day simple moving average of $184.45. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

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 analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $2.15 billion. During the same period last year, the business earned $2.29 earnings per share. The company's revenue was down .1% on a year-over-year basis. Sell-side analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The company 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. This is a positive change from Avery Dennison's previous quarterly dividend of $0.88. This represents a $3.76 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Wednesday, June 4th. Avery Dennison's dividend payout ratio (DPR) is currently 43.32%.

Avery Dennison 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.