Hsbc Holdings PLC Grows Stock Position in Avery Dennison Co. (NYSE:AVY)

Hsbc Holdings PLC raised its holdings in Avery Dennison Co. (NYSE:AVY) by 9.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 145,328 shares of the industrial products company’s stock after buying an additional 12,625 shares during the quarter. Hsbc Holdings PLC owned about 0.18% of Avery Dennison worth $31,877,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Taylor Frigon Capital Management LLC raised its stake in shares of Avery Dennison by 0.8% in the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company’s stock worth $1,426,000 after purchasing an additional 48 shares during the last quarter. Condor Capital Management raised its stake in shares of Avery Dennison by 0.4% in the fourth quarter. Condor Capital Management now owns 13,716 shares of the industrial products company’s stock worth $2,773,000 after purchasing an additional 60 shares during the last quarter. Bailard Inc. raised its stake in shares of Avery Dennison by 0.5% in the second quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock worth $2,668,000 after purchasing an additional 61 shares during the last quarter. Czech National Bank raised its stake in shares of Avery Dennison by 0.5% in the first quarter. Czech National Bank now owns 14,169 shares of the industrial products company’s stock worth $3,163,000 after purchasing an additional 64 shares during the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in shares of Avery Dennison by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 6,646 shares of the industrial products company’s stock worth $1,483,000 after purchasing an additional 64 shares during the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $212.90, for a total value of $2,129,000.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $64,745,870.60. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock valued at $12,545,087 over the last ninety days. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Performance

Shares of NYSE:AVY opened at $211.58 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. The business’s 50 day moving average price is $215.56 and its 200-day moving average price is $218.82. The firm has a market capitalization of $17.04 billion, a PE ratio of 30.89, a P/E/G ratio of 1.81 and a beta of 0.88. Avery Dennison Co. has a 1 year low of $165.21 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last issued 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. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates 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 was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.92 earnings per share. As a group, equities research analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently weighed in on the company. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price target for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Robert W. Baird lifted their price target on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Truist Financial lifted their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BMO Capital Markets reiterated an “outperform” rating and set a $252.00 price target (down from $254.00) on shares of Avery Dennison in a research report on Thursday. Finally, Citigroup lifted their price target on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research report on Monday, July 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.36.

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.