ExodusPoint Capital Management LP Boosts Stake in Avery Dennison Co. (NYSE:AVY)

ExodusPoint Capital Management LP grew its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 96.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,923 shares of the industrial products company's stock after purchasing an additional 8,316 shares during the period. ExodusPoint Capital Management LP's holdings in Avery Dennison were worth $3,167,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of AVY. Regents Gate Capital LLP acquired a new stake in Avery Dennison during the 4th quarter worth about $37,000. Spire Wealth Management grew its holdings in Avery Dennison by 76.0% during the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company's stock worth $56,000 after acquiring an additional 130 shares during the period. AdvisorNet Financial Inc raised its position in Avery Dennison by 18.8% during the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company's stock valued at $69,000 after acquiring an additional 58 shares in the last quarter. VisionPoint Advisory Group LLC acquired a new position in Avery Dennison in the fourth quarter valued at approximately $68,000. Finally, Assetmark Inc. lifted its holdings in Avery Dennison by 22.5% in the fourth quarter. Assetmark Inc. now owns 397 shares of the industrial products company's stock valued at $74,000 after acquiring an additional 73 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the sale, the chairman now owns 303,331 shares of the company's stock, valued at approximately $55,160,742.35. This represents 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. Insiders own 0.84% of the company's stock.

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Avery Dennison Price Performance

NYSE AVY traded up $2.81 during mid-day trading on Friday, hitting $169.39. The stock had a trading volume of 1,090,810 shares, compared to its average volume of 577,832. Avery Dennison Co. has a twelve month low of $157.00 and a twelve month 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 firm's 50 day moving average is $178.64 and its 200 day moving average is $192.82. The stock has a market capitalization of $13.38 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY - Get Free Report) last posted its quarterly 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 return on equity of 33.06% and a net margin of 8.05%. Equities research analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.08%. Avery Dennison's dividend payout ratio (DPR) is presently 40.37%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AVY shares. Raymond James reaffirmed an "outperform" rating and set a $208.00 target price (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. UBS Group cut their price objective on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Truist Financial reissued a "buy" rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Bank of America cut their price target 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. Finally, Robert W. Baird set a $220.00 price target on Avery Dennison in a research report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $220.87.

Avery Dennison Company 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.