Eastern Bank Invests $86,000 in Avery Dennison Co. (NYSE:AVY)

Eastern Bank bought a new position in shares of Avery Dennison Co. (NYSE:AVY) during the third quarter, according to its most recent filing with the SEC. The fund bought 390 shares of the industrial products company’s stock, valued at approximately $86,000.

A number of other hedge funds also recently made changes to their positions in AVY. Red Door Wealth Management LLC purchased a new stake in Avery Dennison in the 1st quarter worth about $207,000. Congress Wealth Management LLC DE increased its holdings in Avery Dennison by 2.4% in the 1st quarter. Congress Wealth Management LLC DE now owns 70,618 shares of the industrial products company’s stock worth $15,766,000 after acquiring an additional 1,654 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Avery Dennison by 0.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 191,830 shares of the industrial products company’s stock worth $42,826,000 after acquiring an additional 1,011 shares during the last quarter. Norden Group LLC increased its holdings in Avery Dennison by 1,938.6% in the 1st quarter. Norden Group LLC now owns 82,076 shares of the industrial products company’s stock worth $18,322,000 after acquiring an additional 78,050 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC increased its holdings in Avery Dennison by 0.8% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after acquiring an additional 48 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AVY shares. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $230.00 to $210.00 in a report on Thursday. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. 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. Citigroup reduced their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Finally, Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and lifted their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $245.42.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. 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 available through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. 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 available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,108 shares of company stock worth $12,545,087. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Up 1.1 %

AVY stock opened at $207.25 on Friday. 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 is $216.73 and its 200 day moving average is $218.45. The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 30.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. Avery Dennison Co. has a 1-year low of $165.21 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.10 earnings per share. Sell-side analysts predict that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

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.