Avery Dennison Co. (NYSE:AVY) Short Interest Update

Avery Dennison Co. (NYSE:AVY) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,020,000 shares, an increase of 12.8% from the September 15th total of 1,790,000 shares. Approximately 2.6% of the company’s shares are sold short. Based on an average daily trading volume, of 500,500 shares, the days-to-cover ratio is currently 4.0 days.

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The shares were 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 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 worth $12,545,087 in the last quarter. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of Avery Dennison in the second quarter valued at about $28,000. Ashton Thomas Private Wealth LLC purchased a new position in Avery Dennison during the second quarter worth approximately $42,000. 1620 Investment Advisors Inc. purchased a new position in shares of Avery Dennison in the second quarter valued at approximately $51,000. Palisade Asset Management LLC purchased a new position in shares of Avery Dennison in the first quarter valued at approximately $64,000. Finally, Versant Capital Management Inc lifted its position in shares of 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 acquiring an additional 281 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVY. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price objective (down previously from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. Barclays started coverage on Avery Dennison in a report on Monday, October 7th. They set an “overweight” rating and a $250.00 price objective for the company. Truist Financial boosted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Citigroup dropped their target price 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $242.96.

Avery Dennison Stock Down 2.3 %

NYSE AVY opened at $214.91 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. Avery Dennison has a 52 week low of $165.21 and a 52 week high of $233.48. The stock’s 50-day moving average price is $216.39 and its 200-day moving average price is $218.83. The company has a market capitalization of $17.31 billion, a P/E ratio of 31.37, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data 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. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $1.92 EPS. On average, equities research analysts predict that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Wednesday, September 4th. Avery Dennison’s dividend payout ratio (DPR) is currently 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.