Raymond James & Associates Trims Holdings in Avery Dennison Co. (NYSE:AVY)

Raymond James & Associates lowered its stake in shares of Avery Dennison Co. (NYSE:AVY) by 6.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 241,289 shares of the industrial products company’s stock after selling 16,667 shares during the period. Raymond James & Associates owned approximately 0.30% of Avery Dennison worth $53,267,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Truist Financial raised 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. Barclays initiated coverage on shares of Avery Dennison in a research note on Monday, October 7th. They issued an “overweight” rating and a $250.00 price target for the company. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Citigroup lowered their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 price objective (down previously from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $246.78.

Avery Dennison Price Performance

AVY stock opened at $215.41 on Tuesday. The business has a 50 day moving average price of $216.96 and a 200 day moving average price of $218.74. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock has a market cap of $17.35 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 1.78 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.

Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (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 during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the prior year, the business posted $1.92 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts anticipate 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 was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.63%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at approximately $64,745,870.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the business’s 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 completion of the transaction, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Avery Dennison 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.