Avery Dennison Co. (NYSE:AVY) Shares Sold by O Shaughnessy Asset Management LLC

Posted by Defense World Staff on Jun 1st, 2023

O Shaughnessy Asset Management LLC lowered its position in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) by 12.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,010 shares of the industrial products company’s stock after selling 294 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Avery Dennison were worth $364,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AVY. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Avery Dennison by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,078 shares of the industrial products company’s stock valued at $1,927,000 after acquiring an additional 686 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Avery Dennison by 28.5% during the first quarter. Great West Life Assurance Co. Can now owns 46,710 shares of the industrial products company’s stock valued at $8,530,000 after acquiring an additional 10,370 shares during the last quarter. Yousif Capital Management LLC raised its holdings in shares of Avery Dennison by 0.5% during the first quarter. Yousif Capital Management LLC now owns 12,732 shares of the industrial products company’s stock valued at $2,215,000 after acquiring an additional 65 shares during the last quarter. Raymond James Trust N.A. raised its holdings in shares of Avery Dennison by 61.4% during the first quarter. Raymond James Trust N.A. now owns 4,968 shares of the industrial products company’s stock valued at $864,000 after acquiring an additional 1,889 shares during the last quarter. Finally, Blair William & Co. IL grew its position in shares of Avery Dennison by 2.2% in the first quarter. Blair William & Co. IL now owns 8,215 shares of the industrial products company’s stock valued at $1,429,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 89.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AVY shares. Truist Financial dropped their price target on Avery Dennison from $229.00 to $223.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. BMO Capital Markets dropped their price target on Avery Dennison from $240.00 to $233.00 and set an “outperform” rating for the company in a research report on Monday, February 6th. Finally, StockNews.com started coverage on Avery Dennison in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $212.29.

Avery Dennison Trading Down 1.2 %

Shares of Avery Dennison stock opened at $161.13 on Thursday. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 2.59 and a beta of 0.95. Avery Dennison Co. has a fifty-two week low of $151.62 and a fifty-two week high of $204.37. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.73 and a current ratio of 1.13. The stock has a 50 day moving average of $172.61 and a 200 day moving average of $179.87.

Avery Dennison (NYSE:AVY – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The industrial products company reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.04. The company had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 34.49% and a net margin of 7.77%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 earnings per share. As a group, research analysts predict that Avery Dennison Co. will post 8.98 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders 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 yield of 2.01%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, June 6th. Avery Dennison’s dividend payout ratio is 36.10%.

Insiders Place Their Bets

In other Avery Dennison news, Director Julia A. Stewart sold 930 shares of the company’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $172.99, for a total transaction of $160,880.70. Following the transaction, the director now directly owns 15,962 shares in the company, valued at $2,761,266.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Julia A. Stewart sold 930 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $172.99, for a total value of $160,880.70. Following the sale, the director now directly owns 15,962 shares in the company, valued at $2,761,266.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Andres Alberto Lopez sold 5,800 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $182.00, for a total value of $1,055,600.00. Following the completion of the sale, the director now owns 1,315 shares in the company, valued at $239,330. The disclosure for this sale can be found here. 1.10% of the stock is owned by 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 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.