Mutual of America Capital Management LLC lowered its stake in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 56.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,623 shares of the industrial products company's stock after selling 12,506 shares during the period. Mutual of America Capital Management LLC's holdings in Avery Dennison were worth $1,801,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Geode Capital Management LLC raised its position in shares of Avery Dennison by 8.2% in 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. Bank of New York Mellon Corp raised its position in shares of Avery Dennison by 21.4% in the fourth quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company's stock valued at $143,078,000 after buying an additional 134,560 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Avery Dennison by 6.8% in 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 buying an additional 90,250 shares during the last quarter. World Investment Advisors LLC increased its position in Avery Dennison by 2,629.0% during the third quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company's stock worth $20,278,000 after purchasing an additional 88,491 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. increased its position in shares of Avery Dennison by 135.6% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 146,830 shares of the industrial products company's stock worth $27,476,000 after acquiring an additional 84,501 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company's stock.
Insider Activity
In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the firm'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 transaction, the chairman now directly owns 303,331 shares in the company, valued at $55,160,742.35. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.10% of the company's stock.
Wall Street Analysts Forecast Growth
AVY has been the subject of several recent research reports. UBS Group dropped their price objective on shares of Avery Dennison from $235.00 to $207.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Truist Financial reiterated a "buy" rating and set a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a research note on Friday, January 31st. Citigroup reduced their price objective 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, JPMorgan Chase & Co. upgraded shares of Avery Dennison from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $210.00 to $205.00 in a research report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $222.51.
Check Out Our Latest Analysis on Avery Dennison
Avery Dennison Stock Up 0.8 %
Avery Dennison stock opened at $183.94 on Friday. The stock has a market cap of $14.53 billion, a price-to-earnings ratio of 21.09, 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's 50-day moving average price is $186.11 and its two-hundred day moving average price is $200.82. Avery Dennison Co. has a 52 week low of $178.72 and a 52 week high of $233.48.
Avery Dennison (NYSE:AVY - Get Free Report) last released 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, analysts expect that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.
Avery Dennison Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 annualized dividend and a dividend yield of 1.91%. Avery Dennison's dividend payout ratio (DPR) is 40.37%.
About Avery Dennison
(
Free Report)
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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