Avery Dennison Co. (NYSE:AVY) Position Trimmed by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. reduced its stake in shares of Avery Dennison Co. (NYSE:AVY) by 70.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,030 shares of the industrial products company’s stock after selling 7,229 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Avery Dennison were worth $669,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Avery Dennison during the second quarter valued at $28,000. Kennebec Savings Bank acquired a new stake in shares of Avery Dennison during the 3rd quarter valued at about $36,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison during the 2nd quarter valued at about $42,000. 1620 Investment Advisors Inc. bought a new stake in shares of Avery Dennison in the 2nd quarter valued at approximately $51,000. Finally, Raleigh Capital Management Inc. increased its holdings in Avery Dennison by 1,400.0% in the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after buying an additional 238 shares during the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the business’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 owns 304,114 shares in the company, valued at approximately $66,333,345.68. The trade was a 2.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. BMO Capital Markets decreased their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Citigroup decreased 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. Barclays decreased their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Truist Financial upped their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Price Performance

Shares of AVY stock opened at $196.97 on Wednesday. The company has a market capitalization of $15.83 billion, a P/E ratio of 23.65, a P/E/G ratio of 1.52 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12 month low of $186.66 and a 12 month high of $233.48. The stock has a 50 day moving average of $212.37 and a two-hundred day moving average of $217.37.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.10 EPS. As a group, equities analysts expect that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.79%. Avery Dennison’s payout ratio is presently 42.26%.

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.