Hennion & Walsh Asset Management Inc. Sells 536 Shares of Avery Dennison Co. (NYSE:AVY)

Hennion & Walsh Asset Management Inc. decreased its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,480 shares of the industrial products company’s stock after selling 536 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Avery Dennison were worth $1,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its holdings in Avery Dennison by 22.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock worth $487,857,000 after purchasing an additional 493,857 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Avery Dennison by 55.7% in the third quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock worth $326,673,000 after buying an additional 639,521 shares in the last quarter. Cerity Partners LLC boosted its position in shares of 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 acquiring an additional 1,163,264 shares during the period. Norges Bank purchased a new position in Avery Dennison during the fourth quarter valued at approximately $185,292,000. Finally, Veritas Investment Partners UK Ltd. increased its holdings in Avery Dennison by 15.5% during the 4th quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock worth $153,804,000 after acquiring an additional 102,000 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Truist Financial lifted their price target on Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Argus upped their price objective on shares of Avery Dennison from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Raymond James reiterated an “outperform” rating and set a $240.00 target price (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Finally, StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $230.50.

Avery Dennison Stock Down 2.1 %

Shares of Avery Dennison stock opened at $218.65 on Monday. The company’s 50 day moving average price is $224.14 and its 200-day moving average price is $213.63. Avery Dennison Co. has a 52-week low of $163.83 and a 52-week high of $231.53. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. The stock has a market capitalization of $17.61 billion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 2.01 and a beta of 0.91.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.14. The firm had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.15 billion. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. Equities research analysts forecast that Avery Dennison Co. will post 9.32 EPS for the current year.

Avery Dennison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th were issued a $0.88 dividend. The ex-dividend date was Wednesday, June 5th. This represents a $3.52 annualized dividend and a yield of 1.61%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s dividend payout ratio (DPR) is 51.39%.

Insider Transactions at Avery Dennison

In related news, insider Ryan D. Yost sold 149 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 2,110 shares of the company’s stock, valued at $477,661.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Avery Dennison news, insider Ryan D. Yost sold 149 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $226.38, for a total value of $33,730.62. Following the completion of the sale, the insider now directly owns 2,110 shares in the company, valued at $477,661.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Francisco Melo sold 3,750 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $227.00, for a total value of $851,250.00. Following the transaction, the insider now owns 15,230 shares in the company, valued at approximately $3,457,210. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,583 shares of company stock worth $2,856,353. 1.10% of the stock is currently owned by insiders.

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.