Connor Clark & Lunn Investment Management Ltd. Invests $2.36 Million in Avery Dennison Co. (NYSE:AVY)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Avery Dennison Co. (NYSE:AVY - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 12,597 shares of the industrial products company's stock, valued at approximately $2,357,000.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its stake in shares of Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company's stock worth $31,000 after purchasing an additional 71 shares in the last quarter. Regents Gate Capital LLP purchased a new stake in shares of Avery Dennison in the 4th quarter worth $37,000. Spire Wealth Management increased its stake in shares of Avery Dennison by 76.0% in the 4th quarter. Spire Wealth Management now owns 301 shares of the industrial products company's stock worth $56,000 after purchasing an additional 130 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Avery Dennison in the 3rd quarter worth $66,000. Finally, VisionPoint Advisory Group LLC purchased a new stake in shares of Avery Dennison in the 4th quarter worth $68,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Price Performance

Shares of AVY traded down $2.37 during midday trading on Friday, hitting $174.68. 1,492,546 shares of the company traded hands, compared to its average volume of 512,396. The firm has a 50 day moving average of $184.59 and a 200-day moving average of $198.19. Avery Dennison Co. has a 52 week low of $173.02 and a 52 week high of $233.48. The stock has a market cap of $13.79 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08.

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Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing analysts' consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. On average, analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison's payout ratio is 40.37%.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the stock in a transaction dated Monday, March 3rd. The shares were 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 of the company's stock, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AVY shares. BMO Capital Markets set a $226.00 price objective on Avery Dennison in a research note on Monday, February 3rd. Robert W. Baird set a $220.00 target price on shares of Avery Dennison in a report on Friday, January 31st. Barclays dropped their target price on shares of Avery Dennison from $245.00 to $225.00 and set an "overweight" rating for the company in a report on Monday, February 3rd. Bank of America dropped their target price on shares of Avery Dennison from $238.00 to $220.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and a consensus price target of $222.51.

Avery Dennison Company 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.