Avery Dennison Co. (NYSE:AVY) Stock Holdings Trimmed by Truist Financial Corp

Truist Financial Corp decreased its holdings in Avery Dennison Co. (NYSE:AVY) by 7.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,016,934 shares of the industrial products company’s stock after selling 79,590 shares during the quarter. Truist Financial Corp owned 1.26% of Avery Dennison worth $205,583,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. AEGON ASSET MANAGEMENT UK Plc bought a new position in Avery Dennison in the 4th quarter valued at about $2,715,000. Mutual of America Capital Management LLC boosted its holdings in shares of Avery Dennison by 133.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 26,318 shares of the industrial products company’s stock valued at $5,320,000 after acquiring an additional 15,040 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Avery Dennison by 4,159.9% during the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after acquiring an additional 1,163,264 shares during the period. Assenagon Asset Management S.A. raised its holdings in Avery Dennison by 192.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 10,713 shares of the industrial products company’s stock worth $2,166,000 after purchasing an additional 7,047 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in Avery Dennison by 736.1% in the third quarter. Janney Montgomery Scott LLC now owns 142,766 shares of the industrial products company’s stock worth $26,080,000 after purchasing an additional 125,691 shares during the period. 94.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVY has been the topic of several research analyst reports. Citigroup lifted their price target on Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th. StockNews.com raised Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday. Robert W. Baird upped their price target on shares of Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday. Bank of America cut shares of Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 price objective on the stock. in a research note on Tuesday, January 2nd. Finally, Truist Financial increased their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $224.00.

Insider Activity

In related news, Director Julia A. Stewart sold 5,311 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total transaction of $1,074,202.86. Following the transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the sale, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the transaction, the director now directly owns 5,018 shares in the company, valued at $1,014,940.68. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock worth $4,217,705 in the last 90 days. Company insiders own 1.10% of the company’s stock.

Avery Dennison Trading Up 0.9 %

Shares of AVY stock traded up $1.86 during trading hours on Friday, reaching $219.02. 556,567 shares of the stock traded hands, compared to its average volume of 444,945. Avery Dennison Co. has a 1-year low of $158.93 and a 1-year high of $225.26. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $17.64 billion, a PE ratio of 31.97, a PEG ratio of 3.28 and a beta of 0.90. The business has a fifty day moving average price of $215.71 and a 200 day moving average price of $200.36.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.16. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same quarter in the prior year, the company earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. On average, equities research analysts forecast that Avery Dennison Co. will post 9.26 EPS for the current year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is 47.30%.

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.