Cresset Asset Management LLC Sells 17,703 Shares of Avery Dennison Co. (NYSE:AVY)

Cresset Asset Management LLC cut its stake in Avery Dennison Co. (NYSE:AVY) by 88.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,314 shares of the industrial products company’s stock after selling 17,703 shares during the period. Cresset Asset Management LLC’s holdings in Avery Dennison were worth $433,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Regents Gate Capital LLP purchased a new stake in Avery Dennison in the fourth quarter worth about $37,000. Spire Wealth Management increased its holdings in shares of Avery Dennison by 76.0% during the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 130 shares in the last quarter. VisionPoint Advisory Group LLC acquired a new position in shares of Avery Dennison during the fourth quarter valued at about $68,000. AdvisorNet Financial Inc increased its holdings in shares of Avery Dennison by 18.8% during 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 in the last quarter. Finally, Assetmark Inc. increased its holdings in Avery Dennison by 22.5% in the 4th quarter. Assetmark Inc. now owns 397 shares of the industrial products company’s stock worth $74,000 after buying an additional 73 shares during the period. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Stock Up 0.7%

NYSE AVY opened at $181.85 on Friday. Avery Dennison Co. has a 52 week low of $157.00 and a 52 week high of $233.48. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The business’s fifty day simple moving average is $173.62 and its 200-day simple moving average is $185.98. The firm has a market cap of $14.22 billion, a PE ratio of 20.85, a P/E/G ratio of 2.07 and a beta of 0.88.

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

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be given a $0.94 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.88. This represents a $3.76 annualized dividend and a yield of 2.07%. The ex-dividend date is Wednesday, June 4th. Avery Dennison’s payout ratio is currently 43.32%.

Wall Street Analyst Weigh In

AVY has been the topic of several research reports. Argus downgraded shares of Avery Dennison from a “strong-buy” rating to a “hold” rating in a report on Monday. UBS Group decreased their target price on Avery Dennison from $207.00 to $189.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $205.00 to $172.00 in a research report on Thursday, April 24th. Truist Financial decreased their price objective on Avery Dennison from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Finally, Raymond James decreased their price objective on Avery Dennison from $208.00 to $194.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.60.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 8,068 shares of Avery Dennison stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $186.19, for a total value of $1,502,180.92. Following the completion of the transaction, the chairman now owns 316,300 shares in the company, valued at approximately $58,891,897. This trade represents a 2.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.84% of the stock is currently owned by corporate insiders.

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.