State of Alaska Department of Revenue Has $4.37 Million Stake in Avery Dennison Co. (NYSE:AVY)

State of Alaska Department of Revenue cut its position in shares of Avery Dennison Co. (NYSE:AVY) by 11.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,808 shares of the industrial products company’s stock after selling 2,530 shares during the quarter. State of Alaska Department of Revenue’s holdings in Avery Dennison were worth $4,371,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Innealta Capital LLC bought a new stake in shares of Avery Dennison during the 2nd quarter valued at about $28,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison during the 2nd quarter worth approximately $42,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Avery Dennison during the 2nd quarter worth approximately $51,000. Raleigh Capital Management Inc. increased its stake in shares of Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 238 shares in the last quarter. Finally, Palisade Asset Management LLC acquired a new position in shares of Avery Dennison during the 1st quarter valued at $64,000. Institutional investors own 94.17% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the subject of a number of research reports. JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $230.00 to $210.00 in a report on Thursday, October 24th. Truist Financial raised their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Barclays lowered their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Avery Dennison has a consensus rating of “Moderate Buy” and an average target price of $244.96.

Avery Dennison Stock Performance

AVY stock opened at $206.19 on Wednesday. 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 firm has a market cap of $16.61 billion, a PE ratio of 30.10, a P/E/G ratio of 1.78 and a beta of 0.88. The business has a 50 day moving average of $216.50 and a 200-day moving average of $218.38. Avery Dennison Co. has a 12-month low of $170.42 and a 12-month high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.10 EPS. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is 51.39%.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison 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 sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction 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 directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction 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 transaction, the chairman now directly owns 304,114 shares in the company, valued at $65,004,367.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,108 shares of company stock valued at $12,545,087 in the last three months. Company insiders own 1.10% of the company’s stock.

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.