DoubleLine ETF Adviser LP Buys Shares of 9,097 Avery Dennison Co. (NYSE:AVY)

DoubleLine ETF Adviser LP purchased a new position in Avery Dennison Co. (NYSE:AVY) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 9,097 shares of the industrial products company’s stock, valued at approximately $1,702,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Nordea Investment Management AB grew its holdings in shares of Avery Dennison by 485.2% during the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock worth $6,715,000 after buying an additional 29,541 shares in the last quarter. Meyer Handelman Co. acquired a new stake in Avery Dennison during the fourth quarter worth approximately $4,263,000. JPMorgan Chase & Co. raised its holdings in Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock valued at $92,771,000 after acquiring an additional 46,390 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Avery Dennison during the fourth quarter worth about $218,000. Finally, Merit Financial Group LLC purchased a new position in shares of Avery Dennison during the 4th quarter worth about $203,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,068 shares of Avery Dennison stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the sale, the chairman now directly owns 316,300 shares of the company’s stock, valued at $58,891,897. This trade represents a 2.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Avery Dennison Stock Performance

Shares of NYSE AVY opened at $169.45 on Friday. The company has a market capitalization of $13.31 billion, a P/E ratio of 19.43, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The business’s 50-day moving average price is $175.42 and its two-hundred day moving average price is $188.51. Avery Dennison Co. has a one year low of $157.00 and a one year high of $233.48. 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) last released its quarterly earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 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 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 prior year, the business earned $2.29 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.94 per share. 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 dividend on an annualized basis and a dividend yield of 2.22%. Avery Dennison’s payout ratio is 43.32%.

Analysts Set New Price Targets

Several equities research analysts have commented on AVY shares. Robert W. Baird dropped their price target on Avery Dennison from $220.00 to $210.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Raymond James cut their price objective on Avery Dennison from $208.00 to $194.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group assumed coverage on Avery Dennison in a research report on Tuesday, April 22nd. They set a “hold” rating and a $175.00 price target on the stock. Truist Financial lowered their price objective 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. Finally, Barclays reduced their target price on shares of Avery Dennison from $225.00 to $210.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and a consensus target price of $209.80.

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.