Norden Group LLC Raises Holdings in Avery Dennison Co. (NYSE:AVY)

Norden Group LLC increased its position in Avery Dennison Co. (NYSE:AVY) by 4.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,005 shares of the industrial products company’s stock after acquiring an additional 200 shares during the quarter. Norden Group LLC’s holdings in Avery Dennison were worth $1,094,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVY. Norges Bank bought a new position in shares of Avery Dennison in the fourth quarter worth $185,292,000. Swedbank AB purchased a new stake in Avery Dennison during the 1st quarter worth about $102,117,000. Corient Private Wealth LLC boosted its stake in Avery Dennison by 1,429.4% in the 4th quarter. Corient Private Wealth LLC now owns 262,697 shares of the industrial products company’s stock worth $53,107,000 after purchasing an additional 245,520 shares during the period. Jennison Associates LLC purchased a new position in Avery Dennison during the 1st quarter valued at about $44,837,000. Finally, Schroder Investment Management Group increased its position in shares of Avery Dennison by 2,707.5% during the fourth quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock valued at $39,939,000 after buying an additional 190,525 shares during the period. 94.17% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on AVY. Truist Financial boosted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Citigroup boosted their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. BMO Capital Markets lowered their price objective on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Robert W. Baird upped their target price on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Finally, Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $239.96.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $64,745,870.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Avery Dennison Stock Performance

Shares of NYSE AVY opened at $216.91 on Friday. The stock’s 50-day moving average is $215.32 and its 200 day moving average is $218.66. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of 31.67, a P/E/G ratio of 1.84 and a beta of 0.88. Avery Dennison Co. has a 1-year low of $165.21 and a 1-year high of $233.48. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.26 by $0.16. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the firm posted $1.92 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.62%. Avery Dennison’s dividend payout ratio (DPR) is currently 51.39%.

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.