Avery Dennison Co. (NYSE:AVY) Stake Boosted by Zions Bancorporation N.A.

Zions Bancorporation N.A. raised its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 36.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,863 shares of the industrial products company’s stock after purchasing an additional 496 shares during the period. Zions Bancorporation N.A.’s holdings in Avery Dennison were worth $407,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AVY. Victory Capital Management Inc. raised its stake in Avery Dennison by 2.1% during the second quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock worth $290,050,000 after acquiring an additional 27,771 shares during the period. Boston Partners raised its position in shares of Avery Dennison by 3.6% during the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after purchasing an additional 35,538 shares during the period. Norges Bank bought a new stake in shares of Avery Dennison in the 4th quarter worth approximately $185,292,000. Veritas Investment Partners UK Ltd. boosted its position in Avery Dennison by 15.5% during the 4th quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock valued at $153,804,000 after purchasing an additional 102,000 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Avery Dennison by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 736,696 shares of the industrial products company’s stock worth $148,933,000 after buying an additional 31,114 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The transaction 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 company’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock valued at $12,545,087 over the last ninety days. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Performance

AVY opened at $219.42 on Friday. The business has a 50 day moving average price of $215.66 and a two-hundred day moving average price of $218.83. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. The company has a market capitalization of $17.67 billion, a price-to-earnings ratio of 32.03, a price-to-earnings-growth ratio of 1.81 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.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data 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. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.92 earnings per share. Research analysts predict that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.60%. Avery Dennison’s payout ratio is currently 51.39%.

Analysts Set New Price Targets

AVY has been the subject of several analyst reports. 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 report on Monday, July 8th. Truist Financial boosted their target price 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. Stifel Nicolaus assumed coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target on the stock. Robert W. Baird boosted their price objective on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, BMO Capital Markets lowered their target price 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $239.96.

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.