Massachusetts Financial Services Co. MA Increases Stake in Avery Dennison Co. (NYSE:AVY)

Massachusetts Financial Services Co. MA increased its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 16.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 812,191 shares of the industrial products company's stock after buying an additional 112,650 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.01% of Avery Dennison worth $151,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Nordea Investment Management AB increased its holdings in Avery Dennison by 485.2% in the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company's stock valued at $6,715,000 after purchasing an additional 29,541 shares during the period. Meyer Handelman Co. bought a new position in shares of Avery Dennison during the fourth quarter worth about $4,263,000. JPMorgan Chase & Co. lifted its stake in shares of Avery Dennison by 12.4% in the third quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company's stock worth $92,771,000 after acquiring an additional 46,390 shares during the period. Unigestion Holding SA bought a new stake in Avery Dennison in the third quarter valued at approximately $6,701,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in Avery Dennison during the 4th quarter worth approximately $218,000. Institutional investors own 94.17% of the company's stock.

Avery Dennison Stock Down 3.0 %

AVY stock traded down $5.06 during trading on Thursday, hitting $163.81. 488,899 shares of the stock traded hands, compared to its average volume of 571,328. The firm's 50 day moving average is $179.24 and its two-hundred day moving average is $193.53. Avery Dennison Co. has a 1 year low of $157.00 and a 1 year 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 stock has a market cap of $12.94 billion, a price-to-earnings ratio of 18.77, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85.

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Avery Dennison (NYSE:AVY - Get Free Report) last issued its 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%. On average, sell-side analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date was Wednesday, March 5th. Avery Dennison's payout ratio is presently 40.37%.

Insider Activity

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction that occurred on 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. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.84% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Truist Financial restated a "buy" rating and issued a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. UBS Group cut their target price on Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a research report on Monday. Robert W. Baird set a $220.00 target price on Avery Dennison in a report on Friday, January 31st. Barclays cut their price target on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating on the stock in a report on Monday, February 3rd. Finally, Bank of America lowered their price objective 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. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Avery Dennison has a consensus rating of "Moderate Buy" and an average price target of $220.87.

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.