Mackenzie Financial Corp Buys 1,090 Shares of Avery Dennison Co. (NYSE:AVY)

Mackenzie Financial Corp grew its stake in shares of Avery Dennison Co. (NYSE:AVY) by 9.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 12,408 shares of the industrial products company’s stock after acquiring an additional 1,090 shares during the quarter. Mackenzie Financial Corp’s holdings in Avery Dennison were worth $2,713,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Taylor Frigon Capital Management LLC lifted its position in Avery Dennison by 0.8% during the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after purchasing an additional 48 shares during the period. Intech Investment Management LLC boosted its position in shares of Avery Dennison by 3.3% during the 2nd quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock worth $341,000 after acquiring an additional 50 shares in the last quarter. Bailard Inc. increased its stake in Avery Dennison by 0.5% in the second quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock valued at $2,668,000 after acquiring an additional 61 shares during the last quarter. Czech National Bank raised its position in Avery Dennison by 0.5% during the first quarter. Czech National Bank now owns 14,169 shares of the industrial products company’s stock valued at $3,163,000 after purchasing an additional 64 shares in the last quarter. Finally, Gulf International Bank UK Ltd lifted its stake in Avery Dennison by 1.0% during the first quarter. Gulf International Bank UK Ltd now owns 6,646 shares of the industrial products company’s stock worth $1,483,000 after purchasing an additional 64 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction 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 $65,004,367.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of the business’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 completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price target (down previously from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. Robert W. Baird increased their target price 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. Stifel Nicolaus started coverage on shares of Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target on the stock. Truist Financial raised their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Citigroup lowered their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $242.26.

Avery Dennison Price Performance

AVY stock opened at $216.52 on Thursday. 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 Co. has a 52-week low of $165.21 and a 52-week high of $233.48. The company has a market capitalization of $17.44 billion, a P/E ratio of 31.61, a PEG ratio of 1.78 and a beta of 0.88. The company has a fifty day moving average price of $215.27 and a 200-day moving average price of $219.03.

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 analysts’ consensus estimates of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the previous year, the company posted $1.92 EPS. The business’s revenue was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders 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 dividend yield of 1.63%. Avery Dennison’s dividend payout ratio (DPR) is currently 51.39%.

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.