Public Employees Retirement Association of Colorado Boosts Stake in Avery Dennison Co. (NYSE:AVY)

Public Employees Retirement Association of Colorado lifted its holdings in Avery Dennison Co. (NYSE:AVY) by 51.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 93,727 shares of the industrial products company’s stock after purchasing an additional 31,817 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Avery Dennison were worth $20,493,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of AVY. Swedbank AB purchased a new stake in shares of Avery Dennison in the first quarter valued at approximately $102,117,000. Jennison Associates LLC acquired a new stake in Avery Dennison in the 1st quarter valued at $44,837,000. Schroder Investment Management Group increased its holdings in Avery Dennison by 2,707.5% in the 4th quarter. Schroder Investment Management Group now owns 197,562 shares of the industrial products company’s stock worth $39,939,000 after acquiring an additional 190,525 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Avery Dennison by 31.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 645,721 shares of the industrial products company’s stock worth $130,539,000 after acquiring an additional 156,189 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock valued at $34,190,000 after purchasing an additional 142,348 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Trading Down 1.9 %

Shares of AVY stock opened at $211.58 on Friday. Avery Dennison Co. has a twelve month low of $165.21 and a twelve month high of $233.48. The stock has a market cap of $17.04 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 1.81 and a beta of 0.88. The company’s 50-day moving average price is $215.56 and its 200-day moving average price is $218.80. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

Avery Dennison (NYSE:AVY) last posted its earnings results 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 company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.92 EPS. As a group, equities analysts predict that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.66%. Avery Dennison’s dividend payout ratio is currently 51.39%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BMO Capital Markets restated an “outperform” rating and set a $252.00 price target (down previously from $254.00) on shares of Avery Dennison in a research report on Thursday. Stifel Nicolaus started coverage on Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price for the company. Robert W. Baird raised their target price on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Truist Financial boosted their price target on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Citigroup raised their price objective on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a report on Monday, July 8th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.78.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 owns 304,114 shares in the company, valued at approximately $65,004,367.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. 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 in the last quarter. Insiders own 1.10% of the company’s stock.

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.