Hartford Investment Management Co. Trims Position in Avery Dennison Co. (NYSE:AVY)

Hartford Investment Management Co. reduced its holdings in Avery Dennison Co. (NYSE:AVY) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,060 shares of the industrial products company’s stock after selling 122 shares during the period. Hartford Investment Management Co.’s holdings in Avery Dennison were worth $1,117,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Red Door Wealth Management LLC acquired a new position in shares of Avery Dennison in the 1st quarter valued at $207,000. Congress Wealth Management LLC DE increased its holdings in Avery Dennison by 2.4% in the first quarter. Congress Wealth Management LLC DE now owns 70,618 shares of the industrial products company’s stock valued at $15,766,000 after buying an additional 1,654 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Avery Dennison by 0.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 191,830 shares of the industrial products company’s stock worth $42,826,000 after acquiring an additional 1,011 shares during the period. Norden Group LLC boosted its stake in shares of Avery Dennison by 1,938.6% during the 1st quarter. Norden Group LLC now owns 82,076 shares of the industrial products company’s stock worth $18,322,000 after acquiring an additional 78,050 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC grew its position in shares of Avery Dennison by 0.8% during the 1st quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock valued at $1,426,000 after acquiring an additional 48 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock valued at $12,545,087 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Barclays began coverage on Avery Dennison in a report on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target for the company. Citigroup dropped their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Truist Financial boosted their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and an average target price of $245.42.

Avery Dennison Price Performance

AVY stock opened at $207.25 on Friday. Avery Dennison Co. has a 1 year low of $165.21 and a 1 year high of $233.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. The firm has a market capitalization of $16.69 billion, a PE ratio of 30.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The business has a 50 day simple moving average of $216.73 and a 200-day simple moving average of $218.45.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period last year, the company earned $2.10 EPS. Equities research analysts anticipate that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

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.