Jennison Associates LLC Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Jennison Associates LLC acquired a new position in shares of Avery Dennison Co. (NYSE:AVY) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 200,837 shares of the industrial products company’s stock, valued at approximately $44,837,000. Jennison Associates LLC owned about 0.25% of Avery Dennison at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in AVY. Anchor Investment Management LLC bought a new position in shares of Avery Dennison during the fourth quarter valued at approximately $42,000. VisionPoint Advisory Group LLC bought a new stake in Avery Dennison during the 4th quarter valued at $42,000. Livforsakringsbolaget Skandia Omsesidigt raised its position in Avery Dennison by 164.4% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 166 shares in the last quarter. Palisade Asset Management LLC bought a new stake in Avery Dennison during the 1st quarter valued at $64,000. Finally, Parkside Financial Bank & Trust raised its position in Avery Dennison by 250.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 403 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 288 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AVY shares. Argus lifted their target price on Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Citigroup lifted their target price on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research report on Monday. Robert W. Baird lifted their price target on Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, June 7th. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Finally, Truist Financial lifted their price target on Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and an average target price of $231.20.

Insider Buying and Selling

In other Avery Dennison news, insider Ryan D. Yost sold 584 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $221.31, for a total transaction of $129,245.04. Following the sale, the insider now owns 2,259 shares in the company, valued at approximately $499,939.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $227.20, for a total value of $657,516.80. Following the completion of the transaction, the chief financial officer now owns 67,457 shares of the company’s stock, valued at approximately $15,326,230.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan D. Yost sold 584 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $221.31, for a total value of $129,245.04. Following the completion of the transaction, the insider now directly owns 2,259 shares of the company’s stock, valued at approximately $499,939.29. The disclosure for this sale can be found here. Insiders have sold a total of 12,583 shares of company stock worth $2,856,353 in the last ninety days. 1.10% of the stock is owned by insiders.

Avery Dennison Stock Down 0.4 %

AVY stock traded down $0.94 on Monday, hitting $215.10. 708,085 shares of the company’s stock were exchanged, compared to its average volume of 439,868. Avery Dennison Co. has a 12-month low of $165.21 and a 12-month high of $231.53. The firm has a 50 day moving average price of $224.27 and a two-hundred day moving average price of $214.20. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87. The stock has a market cap of $17.33 billion, a P/E ratio of 31.40, a price-to-earnings-growth ratio of 1.99 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.14. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. As a group, equities research analysts expect that Avery Dennison Co. will post 9.32 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Wednesday, June 5th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.64%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Wednesday, June 5th. Avery Dennison’s payout ratio is 51.39%.

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.