Figure 8 Investment Strategies LLC Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Figure 8 Investment Strategies LLC purchased a new position in Avery Dennison Co. (NYSE:AVY - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 7,806 shares of the industrial products company's stock, valued at approximately $1,461,000. Avery Dennison comprises approximately 1.4% of Figure 8 Investment Strategies LLC's investment portfolio, making the stock its 25th biggest position.

Several other institutional investors and hedge funds have also bought and sold shares of AVY. Geode Capital Management LLC grew its holdings in shares of Avery Dennison by 8.2% during the third quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company's stock valued at $459,621,000 after buying an additional 157,754 shares during the last quarter. Victory Capital Management Inc. lifted its position in Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock valued at $312,772,000 after purchasing an additional 90,250 shares during the period. Meridiem Investment Management Ltd. lifted its position in Avery Dennison by 0.7% during the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company's stock valued at $175,261,000 after purchasing an additional 5,756 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Avery Dennison by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company's stock valued at $154,431,000 after purchasing an additional 3,118 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Avery Dennison by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company's stock valued at $151,975,000 after purchasing an additional 1,782 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Stock Up 1.1 %

Avery Dennison stock traded up $2.04 during mid-day trading on Tuesday, reaching $183.65. 419,993 shares of the company's stock were exchanged, compared to its average volume of 756,577. The company has a market cap of $14.76 billion, a P/E ratio of 21.06, a P/E/G ratio of 2.04 and a beta of 0.89. Avery Dennison Co. has a twelve month low of $178.72 and a twelve month high of $233.48. 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 company has a fifty day moving average of $188.14 and a 200-day moving average of $203.16.

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

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, March 5th. Avery Dennison's payout ratio is currently 40.37%.

Insider Transactions at Avery Dennison

In related news, SVP Nicholas Colisto sold 3,679 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now owns 7,126 shares in the company, valued at $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on AVY shares. JPMorgan Chase & Co. upgraded shares of Avery Dennison from a "neutral" rating to an "overweight" rating and decreased their price objective for the stock from $210.00 to $205.00 in a research report on Friday, January 31st. Truist Financial reiterated a "buy" rating and issued a $215.00 price objective (down previously from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. BMO Capital Markets cut their target price 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. Bank of America cut their target price on shares of 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, Barclays cut their target price on shares of 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 analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, Avery Dennison presently has a consensus rating of "Moderate Buy" and an average target price of $227.15.

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.