Massachusetts Financial Services Co. MA Cuts Stake in Avery Dennison Co. (NYSE:AVY)

Massachusetts Financial Services Co. MA decreased its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 1.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 708,198 shares of the industrial products company's stock after selling 8,243 shares during the period. Massachusetts Financial Services Co. MA owned about 0.88% of Avery Dennison worth $143,169,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Avery Dennison during the 3rd quarter worth approximately $32,000. Milestone Investment Advisors LLC bought a new stake in shares of Avery Dennison during the 3rd quarter worth approximately $36,000. Anchor Investment Management LLC bought a new position in Avery Dennison in the fourth quarter valued at approximately $42,000. VisionPoint Advisory Group LLC acquired a new position in Avery Dennison during the fourth quarter valued at approximately $42,000. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Avery Dennison by 164.4% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company's stock worth $54,000 after purchasing an additional 166 shares during the last quarter. 94.17% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the transaction, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Mitchell R. Butier sold 8,168 shares of the firm's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the transaction, the chairman now directly owns 321,487 shares of the company's stock, valued at $69,878,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the company's stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of 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 a total of 17,462 shares of company stock worth $3,801,019 in the last ninety days. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

AVY has been the subject of several recent analyst reports. Robert W. Baird upped their price objective on Avery Dennison from $215.00 to $230.00 and gave the stock an "outperform" rating in a research report on Thursday, April 25th. StockNews.com raised Avery Dennison from a "hold" rating to a "buy" rating in a report on Monday, April 22nd. JPMorgan Chase & Co. lifted their price target on Avery Dennison from $218.00 to $220.00 and gave the company an "overweight" rating in a research note on Thursday, April 25th. Truist Financial lifted their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a "buy" rating in a research report on Friday, April 26th. Finally, Citigroup lifted their price target on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a "neutral" rating in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $228.50.

Avery Dennison Stock Down 0.7 %

Shares of Avery Dennison stock traded down $1.53 during trading on Thursday, reaching $224.58. 405,262 shares of the company traded hands, compared to its average volume of 439,275. 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 has a market capitalization of $18.09 billion, a PE ratio of 32.84, a P/E/G ratio of 3.45 and a beta of 0.91. The company has a 50 day moving average price of $217.96 and a 200-day moving average price of $204.62. Avery Dennison Co. has a 1-year low of $158.93 and a 1-year high of $228.15.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.14. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The company had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2.15 billion. As a group, equities research analysts expect that Avery Dennison Co. will post 9.31 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from Avery Dennison's previous quarterly dividend of $0.81. The ex-dividend date is Wednesday, June 5th. Avery Dennison's dividend payout ratio is presently 47.30%.

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.