Avery Dennison Co. (NYSE:AVY) Position Lowered by Pitcairn Co.

Pitcairn Co. reduced its position in Avery Dennison Co. (NYSE:AVY) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,304 shares of the industrial products company’s stock after selling 107 shares during the quarter. Pitcairn Co.’s holdings in Avery Dennison were worth $805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Regents Gate Capital LLP bought a new stake in shares of Avery Dennison in the 4th quarter valued at approximately $37,000. Spire Wealth Management boosted its holdings in Avery Dennison by 76.0% in the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 130 shares during the period. VisionPoint Advisory Group LLC acquired a new stake in shares of Avery Dennison during the fourth quarter worth $68,000. AdvisorNet Financial Inc raised its holdings in shares of Avery Dennison by 18.8% during the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 58 shares during the period. Finally, Assetmark Inc. lifted its position in shares of Avery Dennison by 22.5% in the 4th quarter. Assetmark Inc. now owns 397 shares of the industrial products company’s stock worth $74,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AVY. Bank of America dropped their price objective on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Citigroup dropped their price target on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. Robert W. Baird set a $220.00 price objective on Avery Dennison in a research report on Friday, January 31st. Truist Financial reaffirmed a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $210.00 to $205.00 in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and an average target price of $222.51.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the transaction, the chairman now owns 303,331 shares of the company’s stock, valued at $55,160,742.35. The trade was a 4.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.84% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $170.30 on Friday. The firm has a market capitalization of $13.45 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The stock’s fifty day moving average is $181.82 and its 200-day moving average is $195.27. Avery Dennison Co. has a one year low of $168.77 and a one year high of $233.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. Equities analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is presently 40.37%.

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.