PNC Financial Services Group Inc. Sells 89,530 Shares of Avery Dennison Co. (NYSE:AVY)

PNC Financial Services Group Inc. trimmed its position in Avery Dennison Co. (NYSE:AVY) by 66.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,393 shares of the industrial products company’s stock after selling 89,530 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Avery Dennison were worth $9,177,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Alliance Wealth Advisors LLC UT increased its stake in Avery Dennison by 1.5% in the fourth quarter. Alliance Wealth Advisors LLC UT now owns 3,840 shares of the industrial products company’s stock valued at $776,000 after acquiring an additional 56 shares during the last quarter. First Trust Direct Indexing L.P. boosted its position in Avery Dennison by 5.0% in the fourth quarter. First Trust Direct Indexing L.P. now owns 1,198 shares of the industrial products company’s stock valued at $242,000 after buying an additional 57 shares in the last quarter. Condor Capital Management boosted its position in Avery Dennison by 0.4% in the fourth quarter. Condor Capital Management now owns 13,716 shares of the industrial products company’s stock valued at $2,773,000 after buying an additional 60 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in Avery Dennison by 5.3% in the fourth quarter. Checchi Capital Advisers LLC now owns 1,228 shares of the industrial products company’s stock valued at $248,000 after buying an additional 62 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its position in Avery Dennison by 11.5% in the fourth quarter. Lindbrook Capital LLC now owns 630 shares of the industrial products company’s stock valued at $127,000 after buying an additional 65 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $227.02 on Wednesday. The firm has a market cap of $18.29 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 2.08 and a beta of 0.91. The firm’s fifty day moving average is $222.00 and its 200-day moving average is $211.84. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. Avery Dennison Co. has a 52 week low of $163.83 and a 52 week high of $230.43.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.14. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. Sell-side analysts predict that Avery Dennison Co. will post 9.32 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be issued a $0.88 dividend. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.81. The ex-dividend date is Wednesday, June 5th. This represents a $3.52 annualized dividend and a yield of 1.55%. Avery Dennison’s payout ratio is presently 51.39%.

Analyst Ratings Changes

A number of analysts have weighed in on AVY shares. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Truist Financial raised their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Robert W. Baird raised their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Citigroup raised their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $230.50.

Insider Activity at Avery Dennison

In other Avery Dennison news, SVP Deena Baker-Nel sold 3,000 shares of Avery Dennison stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $228.17, for a total value of $684,510.00. Following the completion of the sale, the senior vice president now directly owns 1,577 shares of the company’s stock, valued at $359,824.09. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $227.20, for a total transaction of $657,516.80. Following the completion of the sale, the chief financial officer now directly owns 67,457 shares of the company’s stock, valued at $15,326,230.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Deena Baker-Nel sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $228.17, for a total transaction of $684,510.00. Following the sale, the senior vice president now directly owns 1,577 shares of the company’s stock, valued at $359,824.09. The disclosure for this sale can be found here. Insiders have sold a total of 12,583 shares of company stock worth $2,856,353 over the last quarter. Company insiders own 1.10% of the company’s stock.

Avery Dennison 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.