Capital World Investors Makes New $40.35 Million Investment in Avery Dennison Co. (NYSE:AVY)

Capital World Investors acquired a new stake in Avery Dennison Co. (NYSE:AVY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 215,646 shares of the industrial products company’s stock, valued at approximately $40,354,000. Capital World Investors owned 0.27% of Avery Dennison at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Avery Dennison by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company’s stock worth $1,811,738,000 after acquiring an additional 33,149 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Avery Dennison by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company’s stock worth $392,445,000 after buying an additional 13,815 shares in the last quarter. Norges Bank bought a new stake in shares of Avery Dennison in the fourth quarter valued at about $188,643,000. Boston Partners grew its stake in shares of Avery Dennison by 7.7% in the fourth quarter. Boston Partners now owns 926,506 shares of the industrial products company’s stock valued at $173,385,000 after acquiring an additional 66,216 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Avery Dennison by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 860,802 shares of the industrial products company’s stock worth $161,085,000 after acquiring an additional 43,270 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analysts Set New Price Targets

AVY has been the subject of a number of recent research reports. Barclays cut their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Raymond James restated an “outperform” rating and set a $208.00 price objective (down previously from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. Bank of America reduced their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Truist Financial reiterated a “buy” rating and set a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Finally, Robert W. Baird set a $220.00 target price on shares of Avery Dennison in a research report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $220.87.

Avery Dennison Trading Down 0.9 %

NYSE AVY opened at $169.31 on Tuesday. Avery Dennison Co. has a twelve month low of $157.00 and a twelve month high of $233.48. The business’s fifty day moving average is $177.31 and its 200 day moving average is $190.63. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The company has a market cap of $13.30 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

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

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s payout ratio is currently 40.37%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the firm’s stock in a transaction on 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 completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is owned by company insiders.

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.