First City Capital Management Inc. Sells 300 Shares of Avery Dennison Co. (NYSE:AVY)

First City Capital Management Inc. cut its position in Avery Dennison Co. (NYSE:AVY) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,990 shares of the industrial products company’s stock after selling 300 shares during the quarter. Avery Dennison comprises approximately 1.1% of First City Capital Management Inc.’s holdings, making the stock its 20th biggest position. First City Capital Management Inc.’s holdings in Avery Dennison were worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Avery Dennison by 2.1% in the 2nd quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock valued at $290,050,000 after purchasing an additional 27,771 shares during the last quarter. Boston Partners lifted its holdings in Avery Dennison by 3.6% during the 1st quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock valued at $227,660,000 after purchasing an additional 35,538 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock worth $172,254,000 after purchasing an additional 32,467 shares during the period. Veritas Investment Partners UK Ltd. increased its holdings in shares of Avery Dennison by 15.5% in the fourth quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock valued at $153,804,000 after purchasing an additional 102,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Avery Dennison by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after purchasing an additional 17,158 shares during the period. 94.17% of the stock is owned by institutional investors.

Avery Dennison Trading Down 1.9 %

Shares of AVY stock opened at $211.58 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. Avery Dennison Co. has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The company has a market cap of $17.04 billion, a PE ratio of 30.89, a P/E/G ratio of 1.81 and a beta of 0.88. The stock’s fifty day moving average price is $215.56 and its two-hundred day moving average price is $218.82.

Avery Dennison (NYSE:AVY) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion for 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 business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.92 earnings per share. Equities 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 was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.66%. Avery Dennison’s dividend payout ratio is currently 51.39%.

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction 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 sale, 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 document filed with the SEC, which is available at this hyperlink. 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 transaction of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total value 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

AVY has been the topic of a number of research reports. Stifel Nicolaus started coverage on shares of Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price target on the stock. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and decreased their target price for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Robert W. Baird upped their price objective on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Citigroup upped their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $242.36.

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.