Mirae Asset Global Investments Co. Ltd. Acquires 20,355 Shares of Avery Dennison Corporation $AVY

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avery Dennison Corporation (NYSE:AVY) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 20,355 shares of the industrial products company’s stock, valued at approximately $3,474,000.

Several other hedge funds have also modified their holdings of the company. Bank of America Corp DE purchased a new position in Avery Dennison during the second quarter worth about $142,169,000. QRG Capital Management Inc. lifted its holdings in Avery Dennison by 172.3% in the second quarter. QRG Capital Management Inc. now owns 7,301 shares of the industrial products company’s stock valued at $1,185,000 after acquiring an additional 4,620 shares during the last quarter. HighTower Advisors LLC grew its position in Avery Dennison by 32.9% in the second quarter. HighTower Advisors LLC now owns 68,647 shares of the industrial products company’s stock worth $11,145,000 after acquiring an additional 17,003 shares during the period. Corient Private Wealth LP raised its position in Avery Dennison by 91.1% in the second quarter. Corient Private Wealth LP now owns 124,011 shares of the industrial products company’s stock valued at $20,133,000 after purchasing an additional 59,109 shares during the period. Finally, AXQ Capital LP purchased a new stake in Avery Dennison in the second quarter valued at $1,053,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AVY shares. Jefferies Financial Group reissued a “hold” rating and set a $181.00 target price on shares of Avery Dennison in a research note on Monday, September 28th. Truist Financial cut their price target on shares of Avery Dennison from $209.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Wall Street Zen cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Citigroup increased their price target on shares of Avery Dennison from $186.00 to $191.00 and gave the stock a “neutral” rating in a research report on Monday, November 2nd. Finally, Bank of America restated a “buy” rating on shares of Avery Dennison in a report on Friday, August 14th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Avery Dennison has a consensus rating of “Moderate Buy” and an average price target of $201.10.

Insider Buying and Selling at Avery Dennison

In related news, Director Andres Alberto Lopez sold 4,000 shares of the business’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $193.80, for a total value of $775,200.00. Following the completion of the sale, the director directly owned 1,147 shares of the company’s stock, valued at $222,288.60. The trade was a 77.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Nicholas Colisto sold 3,886 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $170.68, for a total transaction of $663,262.48. Following the completion of the transaction, the senior vice president owned 7,126 shares of the company’s stock, valued at $1,216,265.68. This represents a 35.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by company insiders.

Avery Dennison Stock Down 1.5%

Shares of AVY traded down $2.89 during mid-day trading on Friday, reaching $186.81. The company’s stock had a trading volume of 604,340 shares, compared to its average volume of 655,986. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.16 and a quick ratio of 0.80. Avery Dennison Corporation has a 12-month low of $152.42 and a 12-month high of $199.54. The stock has a market cap of $14.16 billion, a PE ratio of 20.22, a price-to-earnings-growth ratio of 2.20 and a beta of 0.77. The company’s 50 day moving average is $174.92 and its 200 day moving average is $172.32.

Avery Dennison (NYSE:AVY) last posted its earnings results on Thursday, October 29th. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.10. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the business earned $2.37 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Avery Dennison Corporation will post 10.17 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio (DPR) is 43.29%.

About Avery Dennison

Avery Dennison Corporation (NYSE: AVY) is a global materials science and manufacturing company that develops and produces labeling, packaging, graphic, and functional materials. Its products are used by businesses across industries including consumer goods, retail, logistics, apparel, automotive, healthcare, and industrial manufacturing.

The company’s offerings include pressure-sensitive labels and label materials, adhesives, industrial and specialty tapes, graphic films, and packaging materials.