American International Group Inc. Cuts Stock Position in Avery Dennison Co. (NYSE:AVY)

American International Group Inc. lessened its stake in Avery Dennison Co. (NYSE:AVY) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,598 shares of the industrial products company’s stock after selling 210 shares during the period. American International Group Inc.’s holdings in Avery Dennison were worth $4,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVY. Cerity Partners LLC grew its stake in Avery Dennison by 4,159.9% in the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after purchasing an additional 1,163,264 shares during the last quarter. Norges Bank purchased a new position in Avery Dennison in the fourth quarter valued at about $185,292,000. Morgan Stanley grew its stake in shares of Avery Dennison by 55.7% during the third quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock worth $326,673,000 after acquiring an additional 639,521 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Avery Dennison by 22.7% during the third quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock worth $487,857,000 after acquiring an additional 493,857 shares during the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of Avery Dennison by 1,429.4% during the fourth quarter. Corient Private Wealth LLC now owns 262,697 shares of the industrial products company’s stock worth $53,107,000 after acquiring an additional 245,520 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Trading Up 0.4 %

Shares of NYSE:AVY opened at $226.94 on Friday. Avery Dennison Co. has a 12-month low of $163.83 and a 12-month high of $230.43. The company has a market capitalization of $18.28 billion, a PE ratio of 33.13, a PEG ratio of 2.08 and a beta of 0.91. The business has a 50 day moving average of $222.76 and a two-hundred day moving average of $212.40. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.14. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.15 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. As a group, analysts forecast that Avery Dennison Co. will post 9.32 EPS for the current year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.55%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Wednesday, June 5th. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insider Transactions at Avery Dennison

In other news, insider Ryan D. Yost sold 584 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $221.31, for a total transaction of $129,245.04. Following the completion of the transaction, the insider now directly owns 2,259 shares of the company’s stock, valued at approximately $499,939.29. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Ryan D. Yost sold 584 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $221.31, for a total transaction of $129,245.04. Following the completion of the sale, the insider now directly owns 2,259 shares in the company, valued at $499,939.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan D. Yost sold 149 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $226.38, for a total value of $33,730.62. Following the sale, the insider now owns 2,110 shares of the company’s stock, valued at $477,661.80. The disclosure for this sale can be found here. Insiders sold a total of 12,583 shares of company stock valued at $2,856,353 in the last three months. 1.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVY has been the topic of a number of research analyst reports. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. upped their target price on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Robert W. Baird upped their target price on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Argus upped their target price on Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Truist Financial upped their target price on Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a research report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison has a consensus rating of “Moderate Buy” and an average price target of $230.50.

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.