1832 Asset Management L.P. Sells 1,600 Shares of Avery Dennison Co. (NYSE:AVY)

1832 Asset Management L.P. reduced its position in Avery Dennison Co. (NYSE:AVY) by 5.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,293 shares of the industrial products company’s stock after selling 1,600 shares during the period. 1832 Asset Management L.P.’s holdings in Avery Dennison were worth $6,624,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVY. Innealta Capital LLC purchased a new position in Avery Dennison in the second quarter worth $28,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison in the 2nd quarter worth $42,000. 1620 Investment Advisors Inc. purchased a new position in Avery Dennison during the 2nd quarter worth $51,000. Palisade Asset Management LLC acquired a new position in shares of Avery Dennison during the first quarter valued at about $64,000. Finally, Versant Capital Management Inc increased its stake in Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock valued at $68,000 after purchasing an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $211.91, for a total value of $2,119,100.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at $64,444,797.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Stock Up 1.3 %

AVY opened at $218.48 on Wednesday. The company has a fifty day moving average of $215.40 and a two-hundred day moving average of $218.87. The stock has a market capitalization of $17.60 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 1.81 and a beta of 0.88. Avery Dennison Co. has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90.

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 the consensus estimate of $2.26 by $0.16. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. Avery Dennison’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.92 EPS. On average, research analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid 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 1.61%. Avery Dennison’s dividend payout ratio is currently 51.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AVY shares. Stifel Nicolaus started coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. Citigroup increased 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. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Robert W. Baird increased their price target on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Finally, Truist Financial lifted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $242.36.

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.