Avery Dennison Co. (NYSE:AVY) Position Cut by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund lowered its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 8.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,384 shares of the industrial products company’s stock after selling 214 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Avery Dennison were worth $526,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in AVY. Cetera Investment Advisers increased its holdings in shares of Avery Dennison by 195.2% during the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after purchasing an additional 11,811 shares during the period. Natixis increased its stake in Avery Dennison by 365.9% during the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock valued at $1,016,000 after buying an additional 3,575 shares during the period. SG Americas Securities LLC raised its position in shares of Avery Dennison by 86.5% during the 2nd 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 in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Avery Dennison in the 2nd quarter worth approximately $543,000. Finally, Swedbank AB boosted its holdings in shares of Avery Dennison by 1.0% in the second quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock valued at $101,034,000 after acquiring an additional 4,673 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $198.31 on Tuesday. The business’s 50-day moving average is $212.79 and its 200-day moving average is $217.52. 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 company has a market capitalization of $15.93 billion, a price-to-earnings ratio of 23.81, a P/E/G ratio of 1.52 and a beta of 0.89. Avery Dennison Co. has a fifty-two week low of $186.66 and a fifty-two week high of $233.48.

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

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.77%. Avery Dennison’s payout ratio is 42.26%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVY. Barclays dropped their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $207.00 to $250.00 in a research note on Thursday, October 17th. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, Truist Financial increased their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $214.21, for a total value of $2,142,100.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,144,259.94. The trade was a 3.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.10% of the company’s stock.

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.