State of New Jersey Common Pension Fund D Sells 13,334 Shares of Avery Dennison Co. (NYSE:AVY)

State of New Jersey Common Pension Fund D decreased its position in Avery Dennison Co. (NYSE:AVY) by 32.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,851 shares of the industrial products company’s stock after selling 13,334 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Avery Dennison were worth $6,090,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC bought a new position in Avery Dennison in the second quarter valued at about $28,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Avery Dennison in the second quarter worth about $42,000. 1620 Investment Advisors Inc. bought a new position in shares of Avery Dennison in the second quarter worth about $51,000. Palisade Asset Management LLC bought a new position in shares of Avery Dennison in the first quarter worth about $64,000. Finally, Versant Capital Management Inc raised its stake in shares of Avery Dennison by 936.7% in the second 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 period. Institutional investors own 94.17% of the company’s stock.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the business’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 transaction of $1,550,396.96. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the business’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 transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of the business’s 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 transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Avery Dennison Stock Performance

NYSE AVY opened at $219.42 on Monday. The stock has a market capitalization of $17.67 billion, a PE ratio of 32.03, a P/E/G ratio of 1.81 and a beta of 0.88. The business has a 50 day simple moving average of $215.66 and a two-hundred day simple moving average of $218.87. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. Avery Dennison Co. has a 1-year low of $165.21 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.16. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.92 EPS. On average, research analysts predict that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Wednesday, September 4th. Avery Dennison’s dividend payout ratio (DPR) is 51.39%.

Analyst Ratings Changes

Several research analysts have recently commented on AVY shares. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. Truist Financial raised their price objective on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Citigroup raised their price objective on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price for the company. Finally, BMO Capital Markets cut their target price on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $239.96.

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.