Northern Trust Corp Purchases 168,311 Shares of Avery Dennison Co. (NYSE:AVY)

Northern Trust Corp raised its stake in Avery Dennison Co. (NYSE:AVY - Free Report) by 17.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,106,083 shares of the industrial products company's stock after purchasing an additional 168,311 shares during the quarter. Northern Trust Corp owned about 1.38% of Avery Dennison worth $206,981,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Regents Gate Capital LLP acquired a new stake in shares of Avery Dennison in the 4th quarter valued at about $37,000. Spire Wealth Management increased its holdings in shares of Avery Dennison by 76.0% in the 4th quarter. Spire Wealth Management now owns 301 shares of the industrial products company's stock valued at $56,000 after acquiring an additional 130 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in Avery Dennison by 18.8% during the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company's stock worth $69,000 after purchasing an additional 58 shares during the last quarter. VisionPoint Advisory Group LLC bought a new position in Avery Dennison during the fourth quarter worth $68,000. Finally, Assetmark Inc. increased its stake in Avery Dennison by 22.5% during the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock valued at $74,000 after purchasing an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on AVY. Raymond James decreased their price target on shares of Avery Dennison from $208.00 to $194.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. BMO Capital Markets cut their price target on Avery Dennison from $226.00 to $216.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Barclays dropped their target price on Avery Dennison from $225.00 to $210.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $205.00 to $172.00 in a research report on Thursday, April 24th. Finally, Truist Financial cut their price target on Avery Dennison from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Avery Dennison has an average rating of "Moderate Buy" and a consensus price target of $209.80.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction that occurred 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 sale, the chairman now owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.84% of the company's stock.

Avery Dennison Trading Up 0.3 %

NYSE:AVY traded up $0.49 during mid-day trading on Wednesday, hitting $170.68. The company had a trading volume of 76,610 shares, compared to its average volume of 794,002. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a fifty-two week low of $157.00 and a fifty-two week high of $233.48. The firm has a market cap of $13.34 billion, a P/E ratio of 19.57, a P/E/G ratio of 2.07 and a beta of 0.88. The business's fifty day moving average is $174.53 and its two-hundred day moving average is $187.33.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 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 firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the previous year, the company posted $2.29 EPS. The firm's revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts expect that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors 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 2.20%. Avery Dennison's payout ratio is currently 43.32%.

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.