Peapack Gladstone Financial Corp Reduces Position in Avery Dennison Co. (NYSE:AVY)

Peapack Gladstone Financial Corp trimmed its holdings in Avery Dennison Co. (NYSE:AVY) by 0.5% during the fourth quarter, HoldingsChannel reports. The firm owned 107,555 shares of the industrial products company’s stock after selling 562 shares during the period. Peapack Gladstone Financial Corp’s holdings in Avery Dennison were worth $20,127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in 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 buying an additional 33,149 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Avery Dennison by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,102,331 shares of the industrial products company’s stock valued at $392,445,000 after acquiring an additional 13,815 shares during the last quarter. Norges Bank purchased a new stake in shares of Avery Dennison in the fourth quarter valued at about $188,643,000. Boston Partners increased its position in Avery Dennison by 7.7% during the fourth quarter. Boston Partners now owns 926,506 shares of the industrial products company’s stock worth $173,385,000 after purchasing an additional 66,216 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Avery Dennison by 16.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 812,191 shares of the industrial products company’s stock worth $151,985,000 after purchasing an additional 112,650 shares during the period. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 8,068 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $186.19, for a total value of $1,502,180.92. Following the sale, the chairman now directly owns 316,300 shares in the company, valued at approximately $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 can be accessed through this link. 0.84% of the stock is owned by insiders.

Avery Dennison Price Performance

Avery Dennison stock opened at $170.30 on Friday. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. Avery Dennison Co. has a 52-week low of $168.77 and a 52-week high of $233.48. The firm has a market cap of $13.45 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The company’s 50 day moving average is $181.82 and its two-hundred day moving average is $195.09.

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

Avery Dennison Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVY. BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a report on Monday, February 3rd. JPMorgan Chase & Co. upgraded Avery Dennison from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $210.00 to $205.00 in a research report on Friday, January 31st. UBS Group lowered their price target on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a report on Friday, January 31st. Finally, Truist Financial reaffirmed a “buy” rating and set a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.51.

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.