Avery Dennison Co. (NYSE:AVY) Shares Sold by Hennion & Walsh Asset Management Inc.

Posted by Defense World Staff on Mar 25th, 2023

Hennion & Walsh Asset Management Inc. lowered its stake in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,619 shares of the industrial products company’s stock after selling 443 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Avery Dennison were worth $655,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of Avery Dennison by 434.6% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 139 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 113 shares during the last quarter. Pinnacle Financial Partners Inc. acquired a new stake in shares of Avery Dennison during the third quarter valued at $33,000. Eagle Bay Advisors LLC purchased a new position in Avery Dennison during the second quarter worth about $33,000. Hanson & Doremus Investment Management lifted its position in Avery Dennison by 494.3% during the third quarter. Hanson & Doremus Investment Management now owns 208 shares of the industrial products company’s stock worth $34,000 after buying an additional 173 shares during the period. Finally, Old North State Trust LLC purchased a new position in Avery Dennison during the third quarter worth about $48,000. Institutional investors and hedge funds own 89.05% of the company’s stock.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Director Anthony Anderson sold 816 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 558 shares in the company, valued at approximately $102,666.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Avery Dennison news, SVP Nicholas Colisto sold 3,842 shares of the firm’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $180.43, for a total transaction of $693,212.06. Following the completion of the sale, the senior vice president now owns 7,978 shares in the company, valued at approximately $1,439,470.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Anthony Anderson sold 816 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $183.99, for a total value of $150,135.84. Following the sale, the director now owns 558 shares of the company’s stock, valued at approximately $102,666.42. The disclosure for this sale can be found here. Insiders sold a total of 10,458 shares of company stock worth $1,898,948 in the last 90 days. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Stock Performance

Shares of NYSE:AVY opened at $169.74 on Friday. The company has a market cap of $13.77 billion, a P/E ratio of 18.43, a PEG ratio of 2.66 and a beta of 0.98. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.63 and a current ratio of 0.99. Avery Dennison Co. has a one year low of $151.62 and a one year high of $204.37. The business’s 50-day simple moving average is $181.36 and its 200 day simple moving average is $179.82.

Avery Dennison (NYSE:AVY – Get Rating) last announced its earnings results on Thursday, February 2nd. The industrial products company reported $1.65 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.45). The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Avery Dennison had a net margin of 8.38% and a return on equity of 38.05%. The business’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.13 earnings per share. On average, sell-side analysts forecast that Avery Dennison Co. will post 9.27 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $3.00 dividend on an annualized basis and a yield of 1.77%. Avery Dennison’s dividend payout ratio (DPR) is presently 32.57%.

Analyst Ratings Changes

AVY has been the topic of several recent analyst reports. UBS Group increased their target price on Avery Dennison from $183.00 to $194.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 11th. StockNews.com assumed coverage on Avery Dennison in a report on Thursday, March 16th. They issued a “hold” rating on the stock. BMO Capital Markets cut their price objective on Avery Dennison from $240.00 to $233.00 and set an “outperform” rating on the stock in a report on Monday, February 6th. Citigroup raised their price objective on Avery Dennison from $204.00 to $216.00 in a report on Wednesday, January 4th. Finally, Truist Financial cut their price objective on Avery Dennison from $229.00 to $223.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $207.10.

About Avery Dennison

(Get Rating)

Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the Materials and Solutions Group segments. The Materials Group segment manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.