Pictet Asset Management SA Sells 946 Shares of Avery Dennison Co. (NYSE:AVY)

Posted by Defense World Staff on Feb 25th, 2023

Pictet Asset Management SA lessened its holdings in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 2.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 33,295 shares of the industrial products company’s stock after selling 946 shares during the period. Pictet Asset Management SA’s holdings in Avery Dennison were worth $5,417,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in AVY. CX Institutional acquired a new position in shares of Avery Dennison during the second quarter valued at $25,000. Pinnacle Financial Partners Inc. acquired a new position in shares of Avery Dennison during the third quarter valued at $33,000. Eagle Bay Advisors LLC acquired a new position in shares of Avery Dennison during the second quarter valued at $33,000. Hanson & Doremus Investment Management lifted its stake in shares of Avery Dennison by 494.3% during the third quarter. Hanson & Doremus Investment Management now owns 208 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 173 shares during the period. Finally, Old North State Trust LLC acquired a new position in shares of Avery Dennison during the third quarter valued at $48,000. Institutional investors own 89.05% of the company’s stock.

Avery Dennison Trading Down 0.0 %

NYSE AVY opened at $181.65 on Friday. The firm has a market cap of $14.71 billion, a P/E ratio of 19.72, a P/E/G ratio of 2.81 and a beta of 0.98. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.99 and a quick ratio of 0.63. The stock’s 50-day moving average is $185.04 and its 200-day moving average is $182.41. Avery Dennison Co. has a one year low of $151.62 and a one year high of $204.37.

Avery Dennison (NYSE:AVY – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.45). The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.17 billion. Avery Dennison had a return on equity of 38.05% and a net margin of 8.38%. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.13 EPS. Sell-side analysts anticipate that Avery Dennison Co. will post 9.28 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st will be issued a dividend of $0.75 per share. The ex-dividend date is Tuesday, February 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.65%. Avery Dennison’s payout ratio is presently 32.57%.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVY. StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, December 15th. BMO Capital Markets cut their target price on Avery Dennison from $240.00 to $233.00 and set an “outperform” rating on the stock in a research note on Monday, February 6th. Bank of America raised Avery Dennison from a “neutral” rating to a “buy” rating and increased their target price for the company from $200.00 to $205.00 in a research note on Thursday, December 15th. UBS Group increased their target price on Avery Dennison from $183.00 to $194.00 and gave the company a “neutral” rating in a research note on Wednesday, January 11th. Finally, Truist Financial cut their target price on Avery Dennison from $229.00 to $223.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.10.

Insider Buying and Selling

In related news, Director Anthony Anderson sold 816 shares of the stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $183.99, for a total transaction of $150,135.84. Following the completion of the transaction, the director now directly owns 558 shares in the company, valued at $102,666.42. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

About Avery Dennison

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Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the following segments: Label and Graphic Materials, Retail Branding and Information Solutions, and Industrial and Healthcare Materials. The Label and Graphic Materials segment manufactures and sells Fasson, JAC, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison and Mactac brand graphics, and Avery Dennison brand reflective products.