California Public Employees Retirement System Sells 10,077 Shares of Avery Dennison Co. (NYSE:AVY)

California Public Employees Retirement System trimmed its holdings in Avery Dennison Co. (NYSE:AVY - Free Report) by 7.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 133,320 shares of the industrial products company's stock after selling 10,077 shares during the quarter. California Public Employees Retirement System owned 0.17% of Avery Dennison worth $24,948,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Nordea Investment Management AB boosted its holdings in shares of Avery Dennison by 485.2% in the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company's stock worth $6,715,000 after buying an additional 29,541 shares during the period. Meyer Handelman Co. purchased a new stake in shares of Avery Dennison in the 4th quarter valued at approximately $4,263,000. JPMorgan Chase & Co. grew its position in Avery Dennison by 12.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company's stock worth $92,771,000 after purchasing an additional 46,390 shares in the last quarter. Unigestion Holding SA acquired a new stake in Avery Dennison during the 3rd quarter valued at $6,701,000. Finally, Fifth Third Wealth Advisors LLC purchased a new stake in shares of Avery Dennison in the fourth quarter valued at $218,000. Institutional investors own 94.17% of the company's stock.

Avery Dennison Trading Down 1.8 %

Shares of NYSE AVY traded down $3.04 during midday trading on Tuesday, hitting $163.25. The stock had a trading volume of 315,280 shares, compared to its average volume of 556,763. The firm has a market cap of $12.89 billion, a P/E ratio of 18.69, 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 $162.21 and a fifty-two week high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The company's 50-day simple moving average is $181.22 and its 200 day simple moving average is $194.64.

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Avery Dennison (NYSE:AVY - Get Free Report) last announced its quarterly earnings data 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%. Research analysts anticipate 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 was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Wednesday, March 5th. Avery Dennison's dividend payout ratio is currently 40.37%.

Wall Street Analyst Weigh In

AVY has been the topic of several research analyst reports. 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 lowered their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an "overweight" rating on the stock in a research report on Monday, February 3rd. Robert W. Baird set a $220.00 target price on shares of Avery Dennison in a research note on Friday, January 31st. Citigroup lowered their price target 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. Finally, Bank of America cut their price objective on Avery Dennison from $238.00 to $220.00 and set a "buy" rating for the company in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Avery Dennison currently has a consensus rating of "Moderate Buy" and an average price target of $220.87.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 316,300 shares in the company, valued at approximately $58,891,897. The trade was a 2.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.84% of the stock is currently owned by company insiders.

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.