DAVENPORT & Co LLC Buys 2,703 Shares of Avery Dennison Co. (NYSE:AVY)

DAVENPORT & Co LLC grew its stake in shares of Avery Dennison Co. (NYSE:AVY) by 9.1% during the fourth quarter, HoldingsChannel reports. The firm owned 32,247 shares of the industrial products company’s stock after purchasing an additional 2,703 shares during the quarter. DAVENPORT & Co LLC’s holdings in Avery Dennison were worth $6,034,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AVY. AQR Capital Management LLC boosted its stake in shares of Avery Dennison by 25.1% during the 2nd quarter. AQR Capital Management LLC now owns 14,058 shares of the industrial products company’s stock valued at $3,074,000 after purchasing an additional 2,819 shares in the last quarter. Millennium Management LLC lifted its position in Avery Dennison by 10.6% during the 2nd quarter. Millennium Management LLC now owns 68,885 shares of the industrial products company’s stock valued at $15,062,000 after acquiring an additional 6,627 shares during the period. Sanctuary Advisors LLC purchased a new position in Avery Dennison during the 2nd quarter valued at about $2,710,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Avery Dennison during the 2nd quarter valued at about $2,165,000. Finally, Czech National Bank lifted its position in Avery Dennison by 6.9% during the 3rd quarter. Czech National Bank now owns 16,402 shares of the industrial products company’s stock valued at $3,621,000 after acquiring an additional 1,052 shares during the period. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Down 1.3 %

Shares of Avery Dennison stock opened at $183.40 on Tuesday. Avery Dennison Co. has a twelve month low of $179.20 and a twelve month high of $233.48. The company has a market cap of $14.74 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 1.37 and a beta of 0.89. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The company’s 50 day moving average is $193.21 and its 200 day moving average is $205.88.

Avery Dennison (NYSE:AVY) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Research analysts anticipate that Avery Dennison Co. will post 10.03 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 1.92%. Avery Dennison’s dividend payout ratio is currently 40.37%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVY. Citigroup lowered their price target on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $210.00 to $205.00 in a report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday. Finally, Raymond James reaffirmed an “outperform” rating and issued a $208.00 target price (down from $218.00) on shares of Avery Dennison in a report on Friday. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.15.

Insider Buying and Selling at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.10% of the stock is owned by corporate insiders.

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.