Avery Dennison Co. (NYSE:AVY) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its position in Avery Dennison Co. (NYSE:AVY) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,875 shares of the industrial products company’s stock after selling 98 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Avery Dennison were worth $847,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. State of Michigan Retirement System grew its position in Avery Dennison by 4.5% in the 2nd quarter. State of Michigan Retirement System now owns 23,087 shares of the industrial products company’s stock valued at $5,048,000 after acquiring an additional 1,000 shares in the last quarter. Bailard Inc. increased its stake in Avery Dennison by 0.5% during the 2nd quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock worth $2,668,000 after buying an additional 61 shares during the period. Bank of New York Mellon Corp lifted its holdings in Avery Dennison by 2.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock worth $141,297,000 after buying an additional 17,158 shares in the last quarter. Raymond James Trust N.A. boosted its position in Avery Dennison by 1.8% in the 2nd quarter. Raymond James Trust N.A. now owns 7,174 shares of the industrial products company’s stock valued at $1,569,000 after buying an additional 127 shares during the period. Finally, JB Capital LLC grew its stake in shares of Avery Dennison by 9.6% in the second quarter. JB Capital LLC now owns 13,645 shares of the industrial products company’s stock worth $2,984,000 after acquiring an additional 1,200 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Analysts Set New Price Targets

AVY has been the topic of several analyst reports. Argus increased their price objective on Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target on the stock. Citigroup boosted their price objective on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research report on Monday, July 8th. UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and reduced their target price for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Finally, BMO Capital Markets lowered their price target on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.96.

Avery Dennison Stock Down 0.5 %

Shares of NYSE:AVY opened at $218.88 on Thursday. The firm has a 50 day simple moving average of $215.56 and a 200-day simple moving average of $218.54. Avery Dennison Co. has a twelve month low of $165.21 and a twelve month high of $233.48. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $17.63 billion, a PE ratio of 31.82, a P/E/G ratio of 1.84 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion during 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%. Avery Dennison’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.92 earnings per share. On average, equities analysts predict that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.88 per share. The ex-dividend date is Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.61%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value 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 $66,333,345.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred 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 directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The disclosure for this sale can be found here. Insiders have sold a total of 61,314 shares of company stock valued at $13,045,187 over the last quarter. Company 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.