The Manufacturers Life Insurance Company Buys 2,774 Shares of Avery Dennison Co. (NYSE:AVY)

The Manufacturers Life Insurance Company boosted its stake in shares of Avery Dennison Co. (NYSE:AVY) by 5.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,296 shares of the industrial products company’s stock after buying an additional 2,774 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Avery Dennison were worth $11,435,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AVY. Swedbank AB bought a new stake in shares of Avery Dennison during the first quarter valued at approximately $102,117,000. Jennison Associates LLC purchased a new stake in shares of Avery Dennison in the 1st quarter worth $44,837,000. Schroder Investment Management Group grew its position in shares of Avery Dennison by 2,707.5% during the 4th quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock worth $39,939,000 after buying an additional 190,525 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Avery Dennison by 31.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 645,721 shares of the industrial products company’s stock worth $130,539,000 after buying an additional 156,189 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in shares of Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock valued at $34,190,000 after buying an additional 142,348 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s 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 sale, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction 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 sale, 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 filing with the SEC, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, 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 59,108 shares of company stock worth $12,545,087 in the last 90 days. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AVY shares. Stifel Nicolaus began coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price objective for the company. Truist Financial increased 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. Robert W. Baird lifted their price objective on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. BMO Capital Markets restated an “outperform” rating and set a $252.00 target price (down previously from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. Finally, Citigroup reduced their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $242.26.

Avery Dennison Trading Down 1.8 %

Shares of NYSE:AVY opened at $212.59 on Friday. 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 firm has a market capitalization of $17.12 billion, a P/E ratio of 31.04, a P/E/G ratio of 1.78 and a beta of 0.88. The business’s 50-day moving average is $215.34 and its 200 day moving average is $218.98. 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 EPS for the quarter, beating the consensus estimate of $2.26 by $0.16. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $1.92 EPS. On average, research analysts predict that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Wednesday, September 4th. Avery Dennison’s payout ratio is 51.39%.

Avery Dennison Company 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.