Avery Dennison Co. (NYSE:AVY) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. trimmed its stake in shares of Avery Dennison Co. (NYSE:AVY) by 58.5% during the second quarter, Holdings Channel reports. The firm owned 5,152 shares of the industrial products company’s stock after selling 7,268 shares during the period. Edgestream Partners L.P.’s holdings in Avery Dennison were worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Innealta Capital LLC acquired a new stake in shares of Avery Dennison during the 2nd quarter worth approximately $28,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison during the 2nd quarter worth approximately $42,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Avery Dennison during the 2nd quarter worth approximately $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter worth approximately $64,000. Finally, Versant Capital Management Inc raised its position in shares of Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 281 shares during the period. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total value of $2,137,500.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction on 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 $61,719,936.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total value of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. 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 quarter. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Truist Financial raised their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Citigroup raised their target price on 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 restated an “outperform” rating and issued a $252.00 target price (down from $254.00) on shares of Avery Dennison in a research report on Thursday. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Finally, Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $239.78.

Avery Dennison Stock Performance

Shares of NYSE AVY opened at $211.58 on Friday. The stock has a fifty day moving average price of $215.56 and a two-hundred day moving average price of $218.80. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. The firm has a market cap of $17.04 billion, a P/E ratio of 30.89, a PEG 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 released its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, topping 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% compared to the same quarter last year. During the same period last year, the company posted $1.92 EPS. Research analysts forecast that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.66%. Avery Dennison’s dividend payout ratio (DPR) is presently 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.