Victory Capital Management Inc. Trims Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Victory Capital Management Inc. lessened its holdings in Avery Dennison Co. (NYSE:AVY - Free Report) by 14.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,971,512 shares of the industrial products company's stock after selling 332,092 shares during the period. Victory Capital Management Inc. owned approximately 2.45% of Avery Dennison worth $398,561,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Avery Dennison during the fourth quarter worth about $2,715,000. Mutual of America Capital Management LLC increased its holdings in Avery Dennison by 133.4% in the 4th quarter. Mutual of America Capital Management LLC now owns 26,318 shares of the industrial products company's stock valued at $5,320,000 after purchasing an additional 15,040 shares during the last quarter. Norden Group LLC increased its holdings in Avery Dennison by 3.9% in the 4th quarter. Norden Group LLC now owns 4,026 shares of the industrial products company's stock valued at $814,000 after purchasing an additional 151 shares during the last quarter. Cerity Partners LLC raised its position in Avery Dennison by 4,159.9% in the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company's stock valued at $240,819,000 after purchasing an additional 1,163,264 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in Avery Dennison by 192.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 10,713 shares of the industrial products company's stock worth $2,166,000 after purchasing an additional 7,047 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the transaction, the director now directly owns 5,018 shares of the company's stock, valued at approximately $1,014,940.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Julia A. Stewart sold 5,311 shares of the company's stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the sale, the director now directly owns 5,018 shares of the company's stock, valued at $1,014,940.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $213.29, for a total value of $298,606.00. Following the sale, the insider now directly owns 2,843 shares of the company's stock, valued at $606,383.47. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock worth $4,217,705 over the last three months. Insiders own 1.10% of the company's stock.

Avery Dennison Stock Up 0.2 %

Shares of Avery Dennison stock traded up $0.37 during trading on Wednesday, hitting $217.65. 432,899 shares of the stock were exchanged, compared to its average volume of 447,955. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.58. The firm's 50-day moving average price is $216.05 and its 200 day moving average price is $201.07. The stock has a market cap of $17.53 billion, a price-to-earnings ratio of 31.80, a price-to-earnings-growth ratio of 3.36 and a beta of 0.90. Avery Dennison Co. has a 12-month low of $158.93 and a 12-month high of $225.26.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the previous year, the business earned $1.65 EPS. Avery Dennison's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, analysts forecast that Avery Dennison Co. will post 9.27 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be paid a dividend of $0.88 per share. This is a boost from Avery Dennison's previous quarterly dividend of $0.81. The ex-dividend date is Tuesday, June 4th. This represents a $3.52 annualized dividend and a yield of 1.62%. Avery Dennison's payout ratio is presently 47.30%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. StockNews.com upgraded Avery Dennison from a "hold" rating to a "buy" rating in a report on Monday, April 22nd. UBS Group raised their price objective on shares of Avery Dennison from $225.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, January 11th. Robert W. Baird upped their target price on shares of Avery Dennison from $215.00 to $230.00 and gave the stock an "outperform" rating in a research note on Thursday, April 25th. Citigroup raised their price target on shares of Avery Dennison from $223.00 to $234.00 and gave the company a "neutral" rating in a research report on Thursday, April 4th. Finally, Truist Financial upped their price objective on Avery Dennison from $248.00 to $253.00 and gave the stock a "buy" rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and an average price target of $224.00.

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.