Avery Dennison Co. (NYSE:AVY) Shares Bought by Cibc World Markets Corp

Cibc World Markets Corp grew its holdings in Avery Dennison Co. (NYSE:AVY - Free Report) by 299.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 43,529 shares of the industrial products company's stock after acquiring an additional 32,639 shares during the quarter. Cibc World Markets Corp owned about 0.05% of Avery Dennison worth $8,146,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AVY. Raymond James Financial Inc. purchased a new position in shares of Avery Dennison in the 4th quarter valued at about $51,521,000. Geode Capital Management LLC increased its holdings in shares of Avery Dennison by 8.2% in the 3rd 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 during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Avery Dennison by 21.4% in the 4th quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company's stock valued at $143,078,000 after acquiring an additional 134,560 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Avery Dennison by 411.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 123,360 shares of the industrial products company's stock valued at $23,084,000 after acquiring an additional 99,232 shares during the last quarter. Finally, World Investment Advisors LLC increased its holdings in shares of Avery Dennison by 2,629.0% in the 3rd quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company's stock valued at $20,278,000 after acquiring an additional 88,491 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.

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Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on AVY. Robert W. Baird set a $220.00 price target on Avery Dennison in a research note on Friday, January 31st. JPMorgan Chase & Co. upgraded Avery Dennison from a "neutral" rating to an "overweight" rating and dropped their price target for the stock from $210.00 to $205.00 in a research note on Friday, January 31st. Truist Financial restated a "buy" rating and set a $215.00 price target (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Barclays dropped their price target on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, BMO Capital Markets set a $226.00 price target on Avery Dennison in a research note on Monday, February 3rd. Three 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.com, the company currently has an average rating of "Moderate Buy" and an average price target of $222.51.

Avery Dennison Stock Performance

Shares of AVY stock traded down $2.37 during midday trading on Friday, hitting $174.68. The company had a trading volume of 1,492,546 shares, compared to its average volume of 512,396. 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 $184.59 and its 200 day simple moving average is $198.19. The stock has a market cap of $13.79 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a 52-week low of $173.02 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing the consensus estimate 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 earnings per share for the current fiscal 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 issued a dividend of $0.88 per share. The ex-dividend date was Wednesday, March 5th. This represents a $3.52 annualized dividend and a yield of 2.02%. Avery Dennison's dividend payout ratio is presently 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.