State Board of Administration of Florida Retirement System trimmed its holdings in Avery Dennison Co. (NYSE:AVY – Get Rating) by 1.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,828 shares of the industrial products company’s stock after selling 1,440 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.11% of Avery Dennison worth $16,621,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in shares of Avery Dennison by 434.6% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 139 shares of the industrial products company’s stock valued at $25,000 after buying an additional 113 shares during the last quarter. Pinnacle Financial Partners Inc. purchased a new stake in shares of Avery Dennison in the 3rd quarter valued at about $33,000. Eagle Bay Advisors LLC acquired a new stake in shares of Avery Dennison in the 2nd quarter valued at about $33,000. Spire Wealth Management grew its stake in Avery Dennison by 98.4% during the 4th quarter. Spire Wealth Management now owns 246 shares of the industrial products company’s stock worth $44,000 after buying an additional 122 shares during the last quarter. Finally, Old North State Trust LLC acquired a new position in Avery Dennison during the third quarter worth approximately $48,000. 89.05% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on AVY. StockNews.com began coverage on shares of Avery Dennison in a research report on Thursday, March 16th. They set a “hold” rating on the stock. BMO Capital Markets decreased their target price on shares of Avery Dennison from $240.00 to $233.00 and set an “outperform” rating for the company in a research note on Monday, February 6th. UBS Group increased their price objective on Avery Dennison from $183.00 to $194.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 11th. Raymond James upped their price target on Avery Dennison from $190.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 25th. Finally, Truist Financial dropped their price target on shares of 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $212.29.
Avery Dennison Stock Up 2.3 %
Avery Dennison (NYSE:AVY – Get Rating) last released its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $1.70 EPS for the quarter, topping the consensus estimate of $1.66 by $0.04. Avery Dennison had a net margin of 7.77% and a return on equity of 34.49%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. Analysts anticipate that Avery Dennison Co. will post 9 EPS for the current fiscal year.
Avery Dennison Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th will be paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.88%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.75. The ex-dividend date is Tuesday, June 6th. Avery Dennison’s dividend payout ratio (DPR) is 36.10%.
Insider Buying and Selling
In other Avery Dennison news, Director Anthony Anderson sold 816 shares of the firm’s stock in a transaction 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 transaction, the director now owns 558 shares of the company’s stock, valued at $102,666.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Avery Dennison news, Director Andres Alberto Lopez sold 5,800 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $182.00, for a total transaction of $1,055,600.00. Following the sale, the director now directly owns 1,315 shares of the company’s stock, valued at approximately $239,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anthony Anderson sold 816 shares of Avery Dennison 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 sale, the director now owns 558 shares of the company’s stock, valued at $102,666.42. The disclosure for this sale can be found here. Insiders sold 11,388 shares of company stock worth $2,059,829 in the last ninety days. Insiders own 1.10% of the company’s stock.
Avery Dennison Profile
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.
Read More
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