Seven Eight Capital LP Purchases New Shares in Avery Dennison Co. (NYSE:AVY)

Seven Eight Capital LP acquired a new position in Avery Dennison Co. (NYSE:AVY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,811 shares of the industrial products company’s stock, valued at approximately $1,271,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVY. Hsbc Holdings PLC grew its holdings in shares of Avery Dennison by 9.5% in the second quarter. Hsbc Holdings PLC now owns 145,328 shares of the industrial products company’s stock valued at $31,877,000 after acquiring an additional 12,625 shares in the last quarter. SkyOak Wealth LLC purchased a new position in Avery Dennison in the second quarter worth $306,000. Vanguard Personalized Indexing Management LLC grew its stake in Avery Dennison by 15.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,872 shares of the industrial products company’s stock valued at $1,503,000 after purchasing an additional 921 shares during the period. SYSTM Wealth Solutions LLC increased its position in shares of Avery Dennison by 1.3% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 30,515 shares of the industrial products company’s stock valued at $6,672,000 after purchasing an additional 400 shares during the last quarter. Finally, Bradley Foster & Sargent Inc. CT raised its stake in shares of Avery Dennison by 5.6% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 2,817 shares of the industrial products company’s stock worth $616,000 after purchasing an additional 149 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Shares of AVY opened at $215.77 on Friday. Avery Dennison Co. has a 52-week low of $165.21 and a 52-week high of $233.48. The stock’s 50-day simple moving average is $215.74 and its 200 day simple moving average is $218.84. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. The stock has a market capitalization of $17.38 billion, a price-to-earnings ratio of 31.50, a price-to-earnings-growth ratio of 1.81 and a beta of 0.88.

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

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.63%. Avery Dennison’s dividend payout ratio (DPR) is currently 51.39%.

Analyst Upgrades and Downgrades

AVY has been the subject of several research reports. Truist Financial increased their price target 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. Citigroup raised their price target on shares of 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 assumed coverage on Avery Dennison in a research note on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price objective on the stock. Robert W. Baird boosted their target price on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $252.00 price target (down previously from $254.00) on shares of Avery Dennison in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $239.78.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison 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 completion of 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 Securities & Exchange Commission, which is available through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction dated 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 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. 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 company 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.