Point72 DIFC Ltd Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Point72 DIFC Ltd purchased a new stake in Avery Dennison Co. (NYSE:AVY) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,846 shares of the industrial products company’s stock, valued at approximately $1,060,000.

Other institutional investors have also made changes to their positions in the company. US Bancorp DE lifted its position in shares of Avery Dennison by 26.6% during the 4th quarter. US Bancorp DE now owns 36,985 shares of the industrial products company’s stock valued at $7,477,000 after acquiring an additional 7,766 shares during the period. Advisory Services Network LLC grew its stake in Avery Dennison by 28.4% during the fourth quarter. Advisory Services Network LLC now owns 7,720 shares of the industrial products company’s stock worth $1,561,000 after buying an additional 1,707 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Avery Dennison by 7.8% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 22,536 shares of the industrial products company’s stock valued at $4,556,000 after buying an additional 1,640 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of Avery Dennison by 12.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 963 shares of the industrial products company’s stock valued at $195,000 after buying an additional 107 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of Avery Dennison by 4.0% during the 4th quarter. TD Asset Management Inc now owns 314,921 shares of the industrial products company’s stock worth $63,664,000 after acquiring an additional 12,091 shares during the period. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Price Performance

AVY stock opened at $218.48 on Wednesday. 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 52-week low of $165.21 and a 52-week high of $233.48. The company has a market capitalization of $17.60 billion, a P/E ratio of 31.89, a PEG ratio of 1.81 and a beta of 0.88. The company has a fifty day moving average price of $215.40 and a 200-day moving average price of $218.87.

Avery Dennison (NYSE:AVY) last announced its 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. The firm had revenue of $2.24 billion for 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 business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.92 EPS. As a group, equities analysts expect that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders 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 yield of 1.61%. Avery Dennison’s payout ratio is 51.39%.

Analyst Ratings Changes

A number of research analysts recently issued reports on AVY shares. Citigroup lifted their price objective 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. Robert W. Baird boosted their price target on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Stifel Nicolaus initiated coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective for the company. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. One 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, Avery Dennison has a consensus rating of “Moderate Buy” and an average target price of $242.36.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $205.76, for a total transaction of $617,280.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $62,574,496.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,108 shares of company stock worth $12,545,087. Company insiders own 1.10% of the company’s stock.

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.