SkyOak Wealth LLC Purchases New Position in Avery Dennison Co. (NYSE:AVY)

SkyOak Wealth LLC purchased a new stake in Avery Dennison Co. (NYSE:AVY) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,398 shares of the industrial products company’s stock, valued at approximately $306,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in Avery Dennison in the second quarter valued at $28,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Avery Dennison in the second quarter valued at about $42,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Avery Dennison in the second quarter valued at about $51,000. Palisade Asset Management LLC purchased a new stake in shares of Avery Dennison in the first quarter valued at about $64,000. Finally, Versant Capital Management Inc raised its holdings 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 valued at $68,000 after buying an additional 281 shares during the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Trading Down 4.9 %

Shares of AVY opened at $209.36 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The firm’s 50-day moving average is $215.79 and its two-hundred day moving average is $218.86. Avery Dennison Co. has a twelve month low of $165.21 and a twelve month high of $233.48. The firm has a market capitalization of $16.86 billion, a P/E ratio of 30.56, a PEG ratio of 1.81 and a beta of 0.88.

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

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.68%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVY shares. 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. Citigroup upped their target price on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Robert W. Baird upped their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. BMO Capital Markets reduced their target price on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Finally, Stifel Nicolaus began coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $239.96.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $61,719,936.30. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock worth $12,545,087 over the last ninety days. 1.10% of the stock is currently owned by insiders.

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.