Channing Capital Management LLC Grows Stake in Avery Dennison Co. (NYSE:AVY)

Channing Capital Management LLC boosted its position in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 26.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,976 shares of the industrial products company's stock after purchasing an additional 6,543 shares during the quarter. Channing Capital Management LLC's holdings in Avery Dennison were worth $5,797,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in Avery Dennison by 485.2% during the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company's stock valued at $6,715,000 after acquiring an additional 29,541 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Avery Dennison by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock worth $312,772,000 after purchasing an additional 90,250 shares in the last quarter. Icon Wealth Advisors LLC raised its position in shares of Avery Dennison by 553.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company's stock worth $693,000 after purchasing an additional 2,657 shares during the last quarter. Meyer Handelman Co. purchased a new stake in Avery Dennison in the 4th quarter valued at approximately $4,263,000. Finally, JPMorgan Chase & Co. lifted its stake in Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company's stock valued at $92,771,000 after buying an additional 46,390 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company's stock.

Avery Dennison Price Performance

AVY opened at $180.23 on Wednesday. Avery Dennison Co. has a twelve month low of $178.72 and a twelve month high of $233.48. The firm has a market cap of $14.24 billion, a price-to-earnings ratio of 20.67, 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. The company has a fifty day simple moving average of $185.97 and a 200 day simple moving average of $200.24.

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Avery Dennison (NYSE:AVY - Get Free Report) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share 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%. Equities research analysts expect that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison's payout ratio is 40.37%.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the company's stock in a transaction on Monday, March 3rd. The shares were 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 $58,891,897. This represents a 2.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.10% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on AVY. BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a research note 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 research note on Friday, January 31st. Citigroup reduced their price target on Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a research note on Monday, January 6th. Raymond James reaffirmed an "outperform" rating and issued a $208.00 price objective (down previously from $218.00) on shares of Avery Dennison in a research report on Friday, January 31st. Finally, Barclays dropped their target price on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating for the company in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $222.51.

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.

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