CIBC Asset Management Inc Purchases 742 Shares of Avery Dennison Co. (NYSE:AVY)

CIBC Asset Management Inc increased its holdings in Avery Dennison Co. (NYSE:AVY) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,595 shares of the industrial products company’s stock after buying an additional 742 shares during the period. CIBC Asset Management Inc’s holdings in Avery Dennison were worth $3,443,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the stock. Victory Capital Management Inc. grew its position in shares of Avery Dennison by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after purchasing an additional 90,250 shares in the last quarter. Boston Partners increased its stake in Avery Dennison by 3.6% in the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after purchasing an additional 35,538 shares during the period. Meridiem Investment Management Ltd. raised its stake in shares of Avery Dennison by 0.7% during the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock valued at $175,261,000 after acquiring an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after buying an additional 32,467 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Avery Dennison by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after purchasing an additional 17,158 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of 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 the SEC website. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on AVY. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. BMO Capital Markets decreased their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note 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. UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their target price for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Finally, Citigroup decreased their target price 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. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Stock Performance

NYSE:AVY opened at $198.31 on Tuesday. The stock’s 50 day simple moving average is $212.79 and its two-hundred day simple moving average is $217.52. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The company has a market cap of $15.93 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.52 and a beta of 0.89. Avery Dennison Co. has a 1 year low of $186.66 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.10 earnings per share. As a group, equities analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.77%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

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.