Coastal Bridge Advisors LLC Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Coastal Bridge Advisors LLC purchased a new stake in shares of Avery Dennison Co. (NYSE:AVY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,232 shares of the industrial products company’s stock, valued at approximately $269,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Taylor Frigon Capital Management LLC boosted its holdings in Avery Dennison by 0.8% in the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after acquiring an additional 48 shares in the last quarter. Intech Investment Management LLC boosted its stake in Avery Dennison by 3.3% in the 2nd quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock worth $341,000 after purchasing an additional 50 shares in the last quarter. Bailard Inc. grew its position in Avery Dennison by 0.5% during the 2nd quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock worth $2,668,000 after purchasing an additional 61 shares during the last quarter. Czech National Bank increased its stake in Avery Dennison by 0.5% during the 1st quarter. Czech National Bank now owns 14,169 shares of the industrial products company’s stock valued at $3,163,000 after purchasing an additional 64 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in shares of Avery Dennison by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 6,646 shares of the industrial products company’s stock worth $1,483,000 after buying an additional 64 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Trading Up 0.3 %

Avery Dennison stock opened at $222.34 on Friday. The firm has a market cap of $17.91 billion, a PE ratio of 32.46, a P/E/G ratio of 1.78 and a beta of 0.88. Avery Dennison Co. has a 12 month low of $165.21 and a 12 month high of $233.48. The stock’s 50 day simple moving average is $215.32 and its two-hundred day simple moving average is $218.94. 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 announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm posted $1.92 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid 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 1.58%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AVY shares. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and dropped their price target for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Robert W. Baird raised their price objective on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Truist Financial upped 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. Finally, Stifel Nicolaus assumed coverage on shares of 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 given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.36.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, 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 transaction of $1,550,396.96. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is owned by corporate insiders.

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.