Avery Dennison Co. (NYSE:AVY) Stock Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of Avery Dennison Co. (NYSE:AVY) by 5.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,736 shares of the industrial products company’s stock after selling 3,031 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Avery Dennison worth $9,120,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Regents Gate Capital LLP bought a new position in shares of Avery Dennison in the 4th quarter worth about $37,000. Spire Wealth Management raised its stake in Avery Dennison by 76.0% during the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 130 shares during the period. VisionPoint Advisory Group LLC bought a new position in Avery Dennison in the fourth quarter worth about $68,000. AdvisorNet Financial Inc boosted its stake in Avery Dennison by 18.8% in the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company’s stock valued at $69,000 after acquiring an additional 58 shares during the period. Finally, Assetmark Inc. grew its holdings in shares of Avery Dennison by 22.5% during the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 73 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on AVY shares. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $205.00 to $172.00 in a report on Thursday, April 24th. Truist Financial dropped their price objective on shares of Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. BMO Capital Markets cut their price target on Avery Dennison from $226.00 to $216.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Raymond James decreased their price objective on Avery Dennison from $208.00 to $194.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Finally, Bank of America decreased their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $209.80.

Avery Dennison Stock Down 0.3 %

AVY stock opened at $170.94 on Tuesday. The firm has a market cap of $13.36 billion, a PE ratio of 19.60, a P/E/G ratio of 2.07 and a beta of 0.88. Avery Dennison Co. has a 12 month low of $157.00 and a 12 month high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The firm has a 50 day simple moving average of $174.83 and a 200 day simple moving average of $187.45.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, April 23rd. The industrial products company reported $2.30 EPS for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Avery Dennison’s revenue was down .1% on a year-over-year basis. During the same quarter last year, the company posted $2.29 EPS. Equities research analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 2.20%. The ex-dividend date is Wednesday, June 4th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. Avery Dennison’s payout ratio is presently 43.32%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the sale, the chairman now owns 303,331 shares of the company’s stock, valued at $55,160,742.35. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.84% of the company’s stock.

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.