First City Capital Management Inc. Reduces Stock Position in Avery Dennison Co. (NYSE:AVY)

First City Capital Management Inc. decreased its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 33.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,990 shares of the industrial products company's stock after selling 3,000 shares during the period. First City Capital Management Inc.'s holdings in Avery Dennison were worth $1,322,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Cetera Investment Advisers raised its position in Avery Dennison by 195.2% in the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company's stock worth $3,988,000 after acquiring an additional 11,811 shares during the period. Natixis increased its holdings in shares of Avery Dennison by 365.9% in the 1st quarter. Natixis now owns 4,552 shares of the industrial products company's stock worth $1,016,000 after buying an additional 3,575 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Avery Dennison by 86.5% during the 2nd quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company's stock valued at $7,114,000 after buying an additional 15,092 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in shares of Avery Dennison in the 2nd quarter valued at about $543,000. Finally, Swedbank AB grew its position in Avery Dennison by 1.0% in the second quarter. Swedbank AB now owns 462,083 shares of the industrial products company's stock worth $101,034,000 after acquiring an additional 4,673 shares in the last quarter. Institutional investors own 94.17% of the company's stock.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company's stock, valued at approximately $66,333,345.68. This represents a 2.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.10% of the company's stock.

Avery Dennison Stock Down 0.3 %

NYSE:AVY traded down $0.69 during trading hours on Tuesday, reaching $197.62. The company's stock had a trading volume of 322,404 shares, compared to its average volume of 466,965. The company has a market capitalization of $15.88 billion, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. Avery Dennison Co. has a 12 month low of $186.66 and a 12 month high of $233.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. The stock has a 50 day moving average price of $212.37 and a two-hundred day moving average price of $217.37.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the previous year, the company earned $2.10 earnings per share. The business's revenue for the quarter was up 4.1% on a year-over-year basis. Equities analysts predict that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison's dividend payout ratio is currently 42.26%.

Analysts Set New Price Targets

AVY has been the subject of several analyst reports. UBS Group lowered Avery Dennison from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. BMO Capital Markets decreased their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a "buy" rating in a research report on Wednesday, July 24th. Citigroup cut their price target on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating on the stock in a report on Wednesday, October 2nd. Finally, Barclays decreased their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and a consensus price target of $244.96.

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.