Avery Dennison Co. (NYSE:AVY) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 590,320 shares of the industrial products company’s stock after buying an additional 6,773 shares during the period. Envestnet Asset Management Inc. owned approximately 0.73% of Avery Dennison worth $129,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in Avery Dennison by 2.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock worth $290,050,000 after acquiring an additional 27,771 shares during the period. Boston Partners grew its position in Avery Dennison by 3.6% in the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock valued at $227,660,000 after buying an additional 35,538 shares during the last quarter. Norges Bank acquired a new position in Avery Dennison in the 4th quarter valued at $185,292,000. Veritas Investment Partners UK Ltd. raised its position in Avery Dennison by 15.5% during the 4th quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock worth $153,804,000 after buying an additional 102,000 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Avery Dennison by 2.7% in 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 acquiring an additional 17,158 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of NYSE AVY opened at $221.04 on Tuesday. 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’s 50-day moving average price is $215.78 and its 200 day moving average price is $218.90. Avery Dennison Co. has a 52 week low of $165.21 and a 52 week high of $233.48. The stock has a market cap of $17.81 billion, a price-to-earnings ratio of 32.27, a PEG ratio of 1.81 and a beta of 0.88.

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

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.88 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.59%. Avery Dennison’s dividend payout ratio is currently 51.39%.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction dated 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 owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Avery Dennison 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 value of $2,137,500.00. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction 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 transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. The disclosure for this sale can be found here. Insiders have sold a total of 59,108 shares of company stock valued at $12,545,087 over the last quarter. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Truist Financial raised their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and decreased their price target for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price objective for the company. Finally, BMO Capital Markets decreased their target price on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $239.96.

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.