Park Avenue Securities LLC Sells 342 Shares of Avery Dennison Co. (NYSE:AVY)

Park Avenue Securities LLC decreased its position in Avery Dennison Co. (NYSE:AVY) by 18.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,492 shares of the industrial products company’s stock after selling 342 shares during the period. Park Avenue Securities LLC’s holdings in Avery Dennison were worth $329,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVY. Innealta Capital LLC bought a new position in shares of Avery Dennison in the 2nd quarter valued at about $28,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Avery Dennison during the 2nd quarter valued at $42,000. 1620 Investment Advisors Inc. bought a new position in shares of Avery Dennison in the 2nd quarter worth $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the first quarter worth $64,000. Finally, Versant Capital Management Inc increased its holdings in Avery Dennison by 936.7% in the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock valued at $68,000 after purchasing an additional 281 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Up 1.4 %

NYSE:AVY opened at $218.03 on Monday. Avery Dennison Co. has a twelve month low of $165.21 and a twelve month high of $233.48. The firm has a market capitalization of $17.56 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $215.50 and its two-hundred day moving average price is $218.94.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.16. The firm had revenue of $2.24 billion for 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%. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.92 earnings per share. Equities research analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a $0.88 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.61%. Avery Dennison’s dividend payout ratio is 51.39%.

Insider Activity

In related news, 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 in the company, valued at approximately $65,004,367.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $213.75, for a total value of $2,137,500.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $65,004,367.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $205.76, for a total transaction of $617,280.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $62,574,496.64. The trade was a 0.00 % decrease in their position. 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 three months. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AVY. UBS Group lowered Avery Dennison from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Barclays initiated coverage on Avery Dennison in a report on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target for the company. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. 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. Finally, Truist Financial increased their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.96.

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.