AlphaQuest LLC Has $3.44 Million Stake in Avery Dennison Co. (NYSE:AVY)

AlphaQuest LLC grew its holdings in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 88.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,377 shares of the industrial products company's stock after purchasing an additional 8,624 shares during the period. Avery Dennison makes up 0.5% of AlphaQuest LLC's portfolio, making the stock its 5th biggest holding. AlphaQuest LLC's holdings in Avery Dennison were worth $3,439,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Andra AP fonden raised its position in shares of Avery Dennison by 41.0% during the fourth quarter. Andra AP fonden now owns 79,400 shares of the industrial products company's stock worth $14,858,000 after purchasing an additional 23,100 shares during the period. Edgestream Partners L.P. raised its holdings in shares of Avery Dennison by 153.0% during the fourth quarter. Edgestream Partners L.P. now owns 21,310 shares of the industrial products company's stock valued at $3,988,000 after acquiring an additional 12,886 shares during the period. Callan Family Office LLC purchased a new stake in shares of Avery Dennison in the 4th quarter valued at approximately $383,000. Raymond James Financial Inc. acquired a new position in Avery Dennison in the 4th quarter worth approximately $51,521,000. Finally, Dana Investment Advisors Inc. grew its position in Avery Dennison by 8.2% during the 4th quarter. Dana Investment Advisors Inc. now owns 7,883 shares of the industrial products company's stock worth $1,475,000 after purchasing an additional 599 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

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Insider Activity at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 8,068 shares of the firm's 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 sale, the chairman now directly owns 316,300 shares of the company's stock, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group reduced their target price on Avery Dennison from $235.00 to $207.00 and set a "neutral" rating for the company in a report on Friday, January 10th. BMO Capital Markets set a $226.00 price objective on Avery Dennison in a research note on Monday, February 3rd. Truist Financial reaffirmed a "buy" rating and set a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Barclays reduced their price target on shares of Avery Dennison from $245.00 to $225.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Finally, Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a research 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $222.51.

Avery Dennison Stock Down 0.7 %

NYSE AVY traded down $1.32 during trading on Thursday, hitting $175.74. 552,837 shares of the company traded hands, compared to its average volume of 506,546. Avery Dennison Co. has a 12 month low of $174.93 and a 12 month high of $233.48. The business has a fifty day simple moving average of $185.77 and a 200 day simple moving average of $200.08. The company has a market capitalization of $13.88 billion, a P/E ratio of 20.15, a PEG ratio of 2.07 and a beta of 0.85. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10.

Avery Dennison (NYSE:AVY - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share 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 predict that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Wednesday, March 5th. Avery Dennison's dividend payout ratio is currently 40.37%.

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.