Meyer Handelman Co. Purchases New Stake in Avery Dennison Co. (NYSE:AVY)

Meyer Handelman Co. acquired a new position in Avery Dennison Co. (NYSE:AVY - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 22,782 shares of the industrial products company's stock, valued at approximately $4,263,000.

Several other large investors have also made changes to their positions in AVY. Larson Financial Group LLC increased its position in Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company's stock worth $31,000 after buying an additional 71 shares during the period. Kennebec Savings Bank bought a new position in Avery Dennison during the third quarter worth $36,000. Peterson Financial Group Inc. acquired a new position in Avery Dennison during the 3rd quarter valued at $39,000. Ashton Thomas Private Wealth LLC bought a new stake in Avery Dennison in the 2nd quarter valued at $42,000. Finally, Raleigh Capital Management Inc. increased its holdings in shares of Avery Dennison by 1,400.0% during the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company's stock worth $56,000 after purchasing an additional 238 shares during the period. Institutional investors and hedge funds own 94.17% of the company's stock.

Insiders Place Their Bets

In other news, SVP Nicholas Colisto sold 3,679 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. This 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 accessible through this link. Insiders own 1.10% of the company's stock.

Avery Dennison Price Performance

NYSE:AVY traded up $1.21 on Wednesday, reaching $190.52. The stock had a trading volume of 419,334 shares, compared to its average volume of 566,132. The company has a market capitalization of $15.31 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. The stock has a fifty day moving average price of $195.92 and a 200-day moving average price of $208.30. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 1-year low of $181.99 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. Avery Dennison's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.10 EPS. Research analysts forecast that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.85%. Avery Dennison's dividend payout ratio (DPR) is 42.26%.

Analysts Set New Price Targets

AVY has been the subject of several research reports. StockNews.com cut shares of Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday, October 24th. Truist Financial decreased their price objective on Avery Dennison from $258.00 to $245.00 and set a "buy" rating on the stock in a report on Monday, January 6th. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Citigroup decreased their price target on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating on the stock in a research note on Monday, January 6th. Finally, Bank of America dropped 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. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $235.05.

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.