New York State Common Retirement Fund Grows Stock Position in Avery Dennison Co. (NYSE:AVY)

New York State Common Retirement Fund lifted its stake in Avery Dennison Co. (NYSE:AVY) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,080 shares of the industrial products company’s stock after purchasing an additional 2,724 shares during the period. New York State Common Retirement Fund’s holdings in Avery Dennison were worth $17,016,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVY. Innealta Capital LLC acquired a new position in shares of Avery Dennison during the 2nd quarter worth about $28,000. Ashton Thomas Private Wealth LLC acquired a new position in Avery Dennison in the second quarter valued at approximately $42,000. 1620 Investment Advisors Inc. purchased a new position in Avery Dennison in the second quarter valued at approximately $51,000. Raleigh Capital Management Inc. raised its holdings in Avery Dennison by 1,400.0% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 238 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after buying an additional 281 shares during the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 0.6 %

Shares of NYSE:AVY opened at $206.75 on Wednesday. The stock has a market cap of $16.61 billion, a P/E ratio of 24.82, a P/E/G ratio of 1.58 and a beta of 0.89. The firm has a fifty day moving average price of $215.45 and a 200 day moving average price of $218.24. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. Avery Dennison Co. has a 1-year low of $176.75 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the business earned $2.10 EPS. The business’s revenue was up 4.1% on a year-over-year basis. Sell-side analysts predict that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

Analyst Ratings Changes

AVY has been the subject of several research analyst reports. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Barclays lowered their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Truist Financial upped their target price on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. BMO Capital Markets lowered their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Citigroup lowered their target price on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.96.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction 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 sale, the chairman now owns 304,114 shares in the company, valued at approximately $66,333,345.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction dated 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 owns 304,114 shares in the company, valued at $66,333,345.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $206.80, for a total transaction of $620,400.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $62,890,775.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,108 shares of company stock worth $9,181,457. Company insiders own 1.10% of the company’s stock.

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.