Peterson Financial Group Inc. Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Peterson Financial Group Inc. purchased a new position in shares of Avery Dennison Co. (NYSE:AVY) during the third quarter, Holdings Channel.com reports. The firm purchased 177 shares of the industrial products company’s stock, valued at approximately $39,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Innealta Capital LLC acquired a new position in shares of Avery Dennison during the 2nd quarter valued at $28,000. Kennebec Savings Bank bought a new stake in Avery Dennison in the third quarter valued at $36,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Avery Dennison during the second quarter valued at about $42,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Avery Dennison in the 2nd quarter valued at about $51,000. Finally, Raleigh Capital Management Inc. increased its position in Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock valued at $56,000 after buying an additional 238 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Trading Down 1.1 %

Shares of AVY stock opened at $197.73 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. The company has a market capitalization of $15.89 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 1.52 and a beta of 0.89. Avery Dennison Co. has a 52-week low of $186.66 and a 52-week high of $233.48. The company has a 50-day simple moving average of $212.79 and a two-hundred day simple moving average of $217.52.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. Avery Dennison’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 earnings per share. Research analysts anticipate that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The firm 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 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at approximately $64,745,870.60. This trade represents a 3.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 27,108 shares of company stock valued at $5,821,497. 1.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVY has been the topic of several recent research reports. 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 report on Thursday, October 24th. Citigroup cut their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Truist Financial boosted their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $244.96.

About Avery Dennison

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.