Alpha Omega Wealth Management LLC Reduces Position in Avery Dennison Co. (NYSE:AVY)

Alpha Omega Wealth Management LLC decreased its stake in shares of Avery Dennison Co. (NYSE:AVY) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,483 shares of the industrial products company’s stock after selling 61 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Avery Dennison were worth $327,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Innealta Capital LLC purchased a new position in Avery Dennison during the second quarter worth $28,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison during the second quarter worth $42,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Avery Dennison during the second quarter worth $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the first quarter worth $64,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Avery Dennison by 936.7% during the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Up 0.9 %

Shares of AVY traded up $2.00 during midday trading on Friday, reaching $214.59. 244,304 shares of the company were exchanged, compared to its average volume of 461,623. The stock has a 50-day moving average price of $215.36 and a 200-day moving average price of $218.98. The company has a market cap of $17.29 billion, a price-to-earnings ratio of 31.33, a P/E/G ratio of 1.78 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. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

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 company had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.92 earnings per share. Research analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced 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. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Wednesday, September 4th. Avery Dennison’s payout ratio is 51.39%.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $205.76, for a total value of $617,280.00. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $62,574,496.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,108 shares of company stock valued at $12,545,087. 1.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on AVY shares. Stifel Nicolaus started coverage on Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective on the stock. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday. Robert W. Baird raised their price objective on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Truist Financial raised their price objective on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 target price (down previously from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $242.26.

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.