King Luther Capital Management Corp Reduces Stake in Avery Dennison Co. (NYSE:AVY)

King Luther Capital Management Corp decreased its stake in shares of Avery Dennison Co. (NYSE:AVY) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,035 shares of the industrial products company’s stock after selling 394 shares during the period. King Luther Capital Management Corp’s holdings in Avery Dennison were worth $1,757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVY. Canada Pension Plan Investment Board increased its stake in shares of Avery Dennison by 13.3% during the second quarter. Canada Pension Plan Investment Board now owns 127,865 shares of the industrial products company’s stock valued at $27,958,000 after purchasing an additional 15,016 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Avery Dennison by 51.4% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 93,727 shares of the industrial products company’s stock valued at $20,493,000 after acquiring an additional 31,817 shares during the period. Intech Investment Management LLC lifted its position in Avery Dennison by 3.3% during the second quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock valued at $341,000 after purchasing an additional 50 shares during the period. XTX Topco Ltd purchased a new position in shares of Avery Dennison in the 2nd quarter worth $426,000. Finally, Seven Eight Capital LP purchased a new position in Avery Dennison in the second quarter worth about $1,271,000. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Trading Down 1.9 %

Shares of NYSE AVY opened at $211.58 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $215.56 and a two-hundred day simple moving average of $218.82. The firm has a market cap of $17.04 billion, a PE ratio of 30.89, a price-to-earnings-growth ratio of 1.81 and a beta of 0.88. Avery Dennison Co. has a twelve month low of $165.21 and a twelve month 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 EPS for the quarter, topping the consensus estimate of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company posted $1.92 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.66%. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $64,745,870.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison 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 transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVY has been the subject of several recent research reports. Citigroup boosted their price target on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a report on Monday, July 8th. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price objective (down previously from $254.00) on shares of Avery Dennison in a report on Thursday. Stifel Nicolaus began coverage on shares of Avery Dennison in a report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price for the company. UBS Group lowered Avery Dennison from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Finally, Truist Financial boosted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Avery Dennison 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.