OLD National Bancorp IN Lowers Position in Avery Dennison Co. (NYSE:AVY)

OLD National Bancorp IN decreased its position in shares of Avery Dennison Co. (NYSE:AVY) by 5.5% during the third quarter, HoldingsChannel reports. The firm owned 5,220 shares of the industrial products company’s stock after selling 303 shares during the period. OLD National Bancorp IN’s holdings in Avery Dennison were worth $1,152,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in Avery Dennison during the second quarter valued at about $28,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison during the second quarter valued at about $42,000. 1620 Investment Advisors Inc. bought a new position in shares of Avery Dennison during the second quarter valued at about $51,000. Palisade Asset Management LLC bought a new position in shares of Avery Dennison during the first quarter valued at about $64,000. Finally, Versant Capital Management Inc grew its stake in shares of Avery Dennison by 936.7% during the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock valued at $68,000 after buying an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Thursday, August 1st. The shares were 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 in the company, valued at approximately $65,004,367.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at $65,004,367.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $205.76, for a total transaction of $617,280.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $62,574,496.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVY. Stifel Nicolaus began coverage on Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective on the stock. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and raised their price objective for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Citigroup cut their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 2nd. Truist Financial raised their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, Barclays started coverage on Avery Dennison in a research note on Monday, October 7th. They issued an “overweight” rating and a $250.00 target price on the stock. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $246.78.

Avery Dennison Stock Performance

Avery Dennison stock opened at $215.41 on Tuesday. The stock’s 50 day simple moving average is $216.96 and its two-hundred day simple moving average is $218.74. 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 stock has a market cap of $17.35 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.78 and a beta of 0.88. Avery Dennison Co. has a fifty-two week low of $165.21 and a fifty-two week high of $233.48.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.16. The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.92 EPS. As a group, analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.63%. 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.