Palmer Knight Co Trims Position in Avery Dennison Co. (NYSE:AVY)

Palmer Knight Co trimmed its position in Avery Dennison Co. (NYSE:AVY) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,692 shares of the industrial products company’s stock after selling 225 shares during the period. Avery Dennison comprises 3.0% of Palmer Knight Co’s portfolio, making the stock its 20th biggest holding. Palmer Knight Co’s holdings in Avery Dennison were worth $6,776,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in AVY. Cetera Investment Advisers increased its stake in shares of Avery Dennison by 195.2% in the 1st quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock worth $3,988,000 after purchasing an additional 11,811 shares in the last quarter. Natixis grew its holdings in Avery Dennison by 365.9% during the first quarter. Natixis now owns 4,552 shares of the industrial products company’s stock valued at $1,016,000 after purchasing an additional 3,575 shares during the period. SG Americas Securities LLC raised its stake in shares of Avery Dennison by 86.5% in the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock worth $7,114,000 after buying an additional 15,092 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in shares of Avery Dennison in the second quarter worth about $543,000. Finally, Swedbank AB lifted its position in shares of Avery Dennison by 1.0% during the 2nd quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock valued at $101,034,000 after buying an additional 4,673 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVY. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and raised their target price for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. BMO Capital Markets lowered their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Truist Financial boosted their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Barclays cut their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Price Performance

NYSE:AVY opened at $205.45 on Friday. The firm has a market capitalization of $16.51 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 1.58 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The business has a 50 day simple moving average of $214.90 and a 200-day simple moving average of $218.05. Avery Dennison Co. has a 1 year low of $176.75 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the previous year, the firm earned $2.10 earnings per share. Avery Dennison’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities analysts forecast that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is currently 42.26%.

Insider Transactions at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total transaction of $2,142,100.00. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $65,144,259.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,108 shares of company stock worth $8,561,057. Insiders own 1.10% of the company’s stock.

Avery Dennison Company 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.