Bank of New York Mellon Corp Purchases 134,560 Shares of Avery Dennison Co. (NYSE:AVY)

Bank of New York Mellon Corp raised its holdings in Avery Dennison Co. (NYSE:AVY - Free Report) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 764,591 shares of the industrial products company's stock after buying an additional 134,560 shares during the period. Bank of New York Mellon Corp owned 0.95% of Avery Dennison worth $143,078,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Empirical Finance LLC raised its holdings in Avery Dennison by 2.0% during the third quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company's stock worth $623,000 after acquiring an additional 55 shares in the last quarter. Greenleaf Trust grew its stake in Avery Dennison by 4.4% in the fourth quarter. Greenleaf Trust now owns 1,352 shares of the industrial products company's stock valued at $253,000 after purchasing an additional 57 shares in the last quarter. AdvisorNet Financial Inc increased its position in shares of Avery Dennison by 18.8% during the 4th quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company's stock worth $69,000 after purchasing an additional 58 shares during the last quarter. Lindenwold Advisors INC boosted its holdings in shares of Avery Dennison by 0.6% in the 3rd quarter. Lindenwold Advisors INC now owns 10,266 shares of the industrial products company's stock valued at $2,266,000 after buying an additional 59 shares during the last quarter. Finally, Cynosure Group LLC boosted its holdings in shares of Avery Dennison by 3.6% in the 3rd quarter. Cynosure Group LLC now owns 1,712 shares of the industrial products company's stock valued at $378,000 after buying an additional 59 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several analysts have issued reports on AVY shares. BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a research report on Monday, February 3rd. Truist Financial reaffirmed a "buy" rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Citigroup reduced their price target on Avery Dennison from $228.00 to $202.00 and set a "neutral" rating for the company in a report on Monday, January 6th. Barclays dropped their price objective 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, Bank of America reduced their target price on Avery Dennison from $238.00 to $220.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $222.51.

Avery Dennison Stock Performance

Shares of AVY traded down $0.78 during midday trading on Tuesday, reaching $185.14. 359,470 shares of the stock were exchanged, compared to its average volume of 709,375. 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's 50 day simple moving average is $186.63 and its 200 day simple moving average is $201.59. Avery Dennison Co. has a twelve month low of $178.72 and a twelve month high of $233.48. The company has a market cap of $14.63 billion, a P/E ratio of 21.23, a PEG ratio of 2.07 and a beta of 0.89.

Avery Dennison (NYSE:AVY - Get Free Report) last posted 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%. On average, sell-side analysts expect that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a dividend of $0.88 per share. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 1.90%. Avery Dennison's dividend payout ratio (DPR) 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.