KBC Group NV Lowers Holdings in Avery Dennison Co. (NYSE:AVY)

KBC Group NV reduced its stake in Avery Dennison Co. (NYSE:AVY) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,384 shares of the industrial products company’s stock after selling 943 shares during the period. KBC Group NV’s holdings in Avery Dennison were worth $3,396,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Innealta Capital LLC bought a new stake in Avery Dennison during the 2nd quarter valued at about $28,000. Kennebec Savings Bank bought a new stake in shares of Avery Dennison during the third quarter valued at approximately $36,000. Ashton Thomas Private Wealth LLC bought a new position in Avery Dennison in the 2nd quarter valued at approximately $42,000. 1620 Investment Advisors Inc. purchased a new stake in Avery Dennison during the 2nd quarter valued at $51,000. Finally, Raleigh Capital Management Inc. raised its stake in shares of Avery Dennison by 1,400.0% in the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVY. Citigroup reduced their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $262.00 to $235.00 in a report on Thursday, July 25th. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Truist Financial increased their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, BMO Capital Markets cut their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Four 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, the company presently has an average rating of “Moderate Buy” and an average target price of $244.96.

Avery Dennison Trading Down 1.1 %

Shares of NYSE:AVY opened at $197.73 on Monday. Avery Dennison Co. has a 12-month low of $186.66 and a 12-month high of $233.48. The company has a market cap of $15.89 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. The stock has a 50 day moving average of $212.79 and a 200 day moving average of $217.52. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data 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. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the company posted $2.10 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, equities research analysts expect that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a $0.88 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.78%. Avery Dennison’s payout ratio is 42.26%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction that occurred 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 directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The trade was a 2.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

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.