Insider Selling: Avery Dennison Co. (NYSE:AVY) Chairman Sells 7,108 Shares of Stock

Avery Dennison Co. (NYSE:AVY) Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Avery Dennison Price Performance

NYSE AVY opened at $218.05 on Tuesday. The company has a 50-day moving average price of $216.43 and a 200-day moving average price of $217.98. Avery Dennison Co. has a 52 week low of $165.21 and a 52 week high of $233.48. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $17.56 billion, a P/E ratio of 31.83, a PEG ratio of 1.77 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the previous year, the business earned $1.92 earnings per share. Avery Dennison’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Avery Dennison Co. will post 9.39 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.61%. Avery Dennison’s payout ratio is 51.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AVY shares. Truist Financial upped their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Citigroup upped their price objective on shares of Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. UBS Group lowered shares of Avery Dennison from a “buy” rating to a “neutral” rating and dropped their target price for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Robert W. Baird increased their price target on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Finally, Argus lifted their price objective on shares of Avery Dennison from $240.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $239.96.

Institutional Trading of Avery Dennison

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVY. Atria Wealth Solutions Inc. grew its holdings in shares of Avery Dennison by 4.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,714 shares of the industrial products company’s stock valued at $347,000 after purchasing an additional 66 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Avery Dennison by 7.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,849 shares of the industrial products company’s stock worth $374,000 after buying an additional 129 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Avery Dennison by 6.2% in the 4th quarter. Russell Investments Group Ltd. now owns 84,553 shares of the industrial products company’s stock worth $17,096,000 after buying an additional 4,969 shares during the last quarter. Choreo LLC purchased a new stake in shares of Avery Dennison during the 4th quarter valued at about $1,182,000. Finally, Intrust Bank NA lifted its holdings in shares of Avery Dennison by 15.6% in the 4th quarter. Intrust Bank NA now owns 2,572 shares of the industrial products company’s stock valued at $520,000 after acquiring an additional 348 shares during the last quarter. Institutional investors own 94.17% of the company’s stock.

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.