Cumberland Partners Ltd Trims Holdings in Avery Dennison Co. (NYSE:AVY)

Cumberland Partners Ltd reduced its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,700 shares of the industrial products company’s stock after selling 815 shares during the quarter. Cumberland Partners Ltd’s holdings in Avery Dennison were worth $5,657,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in shares of Avery Dennison by 22.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock valued at $487,857,000 after acquiring an additional 493,857 shares in the last quarter. Morgan Stanley raised its position in shares of Avery Dennison by 55.7% during the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after acquiring an additional 639,521 shares in the last quarter. Cerity Partners LLC raised its position in shares of Avery Dennison by 4,159.9% during the 4th 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 in the last quarter. Truist Financial Corp raised its position in shares of Avery Dennison by 5.5% during the 3rd quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock valued at $200,302,000 after acquiring an additional 57,106 shares in the last quarter. Finally, Boston Partners raised its position in shares of Avery Dennison by 43.9% during the 3rd quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock valued at $184,026,000 after acquiring an additional 307,325 shares in the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVY shares. JPMorgan Chase & Co. upped their price target on Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Truist Financial reaffirmed a “buy” rating and issued a $249.00 target price on shares of Avery Dennison in a research report on Friday, January 19th. Raymond James increased their target price on Avery Dennison from $199.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Bank of America lowered Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price on the stock. in a research report on Tuesday, January 2nd. Finally, Citigroup increased their target price on Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $221.00.

Insider Activity

In related news, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction dated Wednesday, February 7th. The stock was 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Ryan D. Yost sold 1,400 shares of Avery Dennison stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the transaction, the insider now directly owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Julia A. Stewart sold 5,311 shares of Avery Dennison 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 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. Over the last ninety days, insiders have sold 19,879 shares of company stock valued at $4,217,705. Company insiders own 1.10% of the company’s stock.

Avery Dennison Stock Performance

Shares of AVY traded down $0.44 during trading hours on Tuesday, reaching $211.33. 841,174 shares of the company’s stock traded hands, compared to its average volume of 436,507. The firm has a market capitalization of $17.02 billion, a price-to-earnings ratio of 34.00, a P/E/G ratio of 3.27 and a beta of 0.90. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.04 and a quick ratio of 0.69. Avery Dennison Co. has a twelve month low of $158.93 and a twelve month high of $225.26. The business’s fifty day simple moving average is $215.07 and its two-hundred day simple moving average is $199.73.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, meeting analysts’ consensus estimates of $2.16. The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company earned $1.65 earnings per share. Analysts predict that Avery Dennison Co. will post 9.26 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is 52.17%.

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.