Avery Dennison Co. (NYSE:AVY) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its stake in Avery Dennison Co. (NYSE:AVY) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,059,014 shares of the industrial products company’s stock after selling 26,488 shares during the period. Truist Financial Corp owned approximately 1.31% of Avery Dennison worth $231,553,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers raised its holdings in shares of Avery Dennison by 195.2% during the 1st quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after buying an additional 11,811 shares during the period. Natixis boosted its stake in shares of Avery Dennison by 365.9% in the first quarter. Natixis now owns 4,552 shares of the industrial products company’s stock valued at $1,016,000 after purchasing an additional 3,575 shares during the period. Mediolanum International Funds Ltd acquired a new stake in Avery Dennison during the 1st quarter valued at $2,935,000. SG Americas Securities LLC increased its stake in Avery Dennison by 86.5% during the 2nd quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock worth $7,114,000 after buying an additional 15,092 shares during the period. Finally, McElhenny Sheffield Capital Management LLC acquired a new position in Avery Dennison in the 2nd quarter worth $543,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Stock Performance

Shares of AVY stock opened at $220.76 on Tuesday. 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 50 day moving average of $215.32 and a two-hundred day moving average of $218.98. The company has a market cap of $17.78 billion, a P/E ratio of 32.23, a PEG ratio of 1.78 and a beta of 0.88. Avery Dennison Co. has a 52 week low of $165.21 and a 52 week high of $233.48.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate 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 was up 6.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.92 EPS. As a group, analysts anticipate that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Wednesday, September 4th. Avery Dennison’s payout ratio is 51.39%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AVY shares. BMO Capital Markets restated an “outperform” rating and set a $252.00 target price (down from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. Stifel Nicolaus started coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. Truist Financial raised their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. 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 report on Monday, July 8th. Finally, Robert W. Baird raised their price objective on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $242.36.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison 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 sale, the chairman now owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other 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 transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction dated 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 transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,108 shares of company stock worth $12,545,087. Insiders own 1.10% of the company’s stock.

Avery Dennison Company 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.