Aigen Investment Management LP Reduces Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Aigen Investment Management LP lowered its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 31.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,175 shares of the industrial products company's stock after selling 1,474 shares during the quarter. Aigen Investment Management LP's holdings in Avery Dennison were worth $594,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake 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 buying an additional 157,754 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock worth $312,772,000 after purchasing an additional 90,250 shares during the last quarter. Bank of New York Mellon Corp raised its position in Avery Dennison by 21.4% in the fourth quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company's stock worth $143,078,000 after acquiring an additional 134,560 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position 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 worth $154,431,000 after acquiring an additional 3,118 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Avery Dennison by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 699,091 shares of the industrial products company's stock worth $130,821,000 after acquiring an additional 10,674 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.

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Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Truist Financial reiterated a "buy" rating and issued a $215.00 price objective (down previously from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Barclays cut their price objective on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. JPMorgan Chase & Co. upgraded Avery Dennison from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $210.00 to $205.00 in a research report on Friday, January 31st. Citigroup cut their price objective on Avery Dennison from $228.00 to $202.00 and set a "neutral" rating for the company in a research report on Monday, January 6th. Finally, Robert W. Baird set a $220.00 target price on Avery Dennison in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $222.51.

Avery Dennison Price Performance

Shares of AVY traded up $1.54 during trading hours on Friday, reaching $183.94. 1,195,522 shares of the company traded hands, compared to its average volume of 753,032. 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 stock has a market capitalization of $14.53 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a fifty-two week low of $178.72 and a fifty-two week high of $233.48. The stock has a fifty day simple moving average of $186.11 and a 200 day simple moving average of $200.82.

Avery Dennison (NYSE:AVY - Get Free Report) last released its earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. As a group, research analysts predict that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.91%. Avery Dennison's dividend payout ratio (DPR) is 40.37%.

Insider Transactions at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the firm's stock in a transaction dated 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 transaction, the chairman now directly owns 303,331 shares in the company, valued at $55,160,742.35. This trade represents a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.10% of the company's stock.

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.