Panagora Asset Management Inc. Lowers Holdings in Avery Dennison Co. (NYSE:AVY)

Panagora Asset Management Inc. reduced its position in shares of Avery Dennison Co. (NYSE:AVY) by 26.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,729 shares of the industrial products company’s stock after selling 2,015 shares during the period. Panagora Asset Management Inc.’s holdings in Avery Dennison were worth $1,253,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. grew its stake in Avery Dennison by 30.7% in the 4th quarter. QRG Capital Management Inc. now owns 3,682 shares of the industrial products company’s stock worth $744,000 after buying an additional 864 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Avery Dennison during the 4th quarter valued at about $1,213,000. UBS Group AG boosted its stake in Avery Dennison by 54.1% in the fourth quarter. UBS Group AG now owns 181,418 shares of the industrial products company’s stock worth $36,675,000 after buying an additional 63,716 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of Avery Dennison by 195.2% in the 1st quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock worth $3,988,000 after acquiring an additional 11,811 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Avery Dennison by 270.4% in the 4th quarter. National Bank of Canada FI now owns 21,573 shares of the industrial products company’s stock valued at $4,307,000 after purchasing an additional 15,749 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AVY shares. BMO Capital Markets reduced their price objective on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. 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 for the company. 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. Citigroup raised their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a report on Monday, July 8th. Finally, Robert W. Baird raised their target price on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $239.96.

Avery Dennison Trading Up 1.5 %

AVY opened at $221.85 on Monday. The stock has a market cap of $17.86 billion, a PE ratio of 32.39, a PEG ratio of 1.84 and a beta of 0.88. The business has a 50 day moving average of $215.83 and a 200-day moving average of $218.37. Avery Dennison Co. has a 52 week low of $165.21 and a 52 week high of $233.48. 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 (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.92 EPS. Equities research analysts predict that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Wednesday, September 4th. Avery Dennison’s dividend payout ratio is 51.39%.

Insider Activity

In related news, SVP Ignacio J. Walker sold 2,206 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $226.70, for a total transaction of $500,100.20. Following the completion of the transaction, the senior vice president now owns 7,082 shares of the company’s stock, valued at approximately $1,605,489.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Ignacio J. Walker sold 2,206 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the transaction, the senior vice president now directly owns 7,082 shares in the company, valued at $1,605,489.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 61,314 shares of company stock worth $13,045,187. Insiders own 1.10% of the company’s stock.

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.