Avery Dennison Co. (NYSE:AVY) Position Reduced by abrdn plc

abrdn plc cut its stake in Avery Dennison Co. (NYSE:AVY - Free Report) by 10.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,391 shares of the industrial products company's stock after selling 3,656 shares during the period. abrdn plc's holdings in Avery Dennison were worth $5,691,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in Avery Dennison by 8.2% in the third quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company's stock valued at $459,621,000 after acquiring an additional 157,754 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Avery Dennison by 6.8% in the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock valued at $312,772,000 after acquiring an additional 90,250 shares in the last quarter. Meridiem Investment Management Ltd. raised its holdings in Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company's stock valued at $175,261,000 after acquiring an additional 5,756 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Avery Dennison by 0.4% in the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company's stock valued at $154,431,000 after acquiring an additional 3,118 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Avery Dennison by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company's stock worth $151,975,000 after purchasing an additional 1,782 shares during the period. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Nicholas Colisto sold 3,679 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now owns 7,126 shares in the company, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.10% of the company's stock.

Avery Dennison Stock Performance

Shares of Avery Dennison stock traded up $1.14 during trading on Wednesday, hitting $181.13. 815,518 shares of the stock were exchanged, compared to its average volume of 785,518. The stock's fifty day moving average is $189.87 and its 200 day moving average is $204.09. The stock has a market cap of $14.55 billion, a PE ratio of 20.77, a P/E/G ratio of 2.04 and a beta of 0.89. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a 12 month low of $178.72 and a 12 month high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (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%. As a group, sell-side analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $3.52 annualized dividend and a dividend yield of 1.94%. Avery Dennison's dividend payout ratio (DPR) is 40.37%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVY shares. BMO Capital Markets dropped their target price on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. raised shares of Avery Dennison from a "neutral" rating to an "overweight" rating and dropped their target price for the stock from $210.00 to $205.00 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 on the stock in a report on Monday, February 3rd. Truist Financial reissued a "buy" rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Finally, Citigroup dropped their target price on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $227.15.

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.