Valley National Advisers Inc. Buys 8,138 Shares of Avery Dennison Co. (NYSE:AVY)

Valley National Advisers Inc. lifted its holdings in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 3,649.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,361 shares of the industrial products company's stock after purchasing an additional 8,138 shares during the period. Valley National Advisers Inc.'s holdings in Avery Dennison were worth $1,844,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AVY. Red Door Wealth Management LLC bought a new stake in Avery Dennison in the first quarter valued at $207,000. Congress Wealth Management LLC DE raised its stake in Avery Dennison by 2.4% during the 1st quarter. Congress Wealth Management LLC DE now owns 70,618 shares of the industrial products company's stock worth $15,766,000 after buying an additional 1,654 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Avery Dennison by 0.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 191,830 shares of the industrial products company's stock worth $42,826,000 after acquiring an additional 1,011 shares in the last quarter. Norden Group LLC grew its stake in Avery Dennison by 1,938.6% in the first quarter. Norden Group LLC now owns 82,076 shares of the industrial products company's stock valued at $18,322,000 after acquiring an additional 78,050 shares during the period. Finally, Taylor Frigon Capital Management LLC increased its holdings in shares of Avery Dennison by 0.8% during the first quarter. Taylor Frigon Capital Management LLC now owns 6,386 shares of the industrial products company's stock valued at $1,426,000 after acquiring an additional 48 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AVY has been the subject of several research reports. Truist Financial lifted their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a "buy" rating in a research report on Wednesday, July 24th. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a report on Thursday. Barclays assumed coverage on shares of Avery Dennison in a report on Monday, October 7th. They issued an "overweight" rating and a $250.00 target price on the stock. StockNews.com downgraded Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday. Finally, Citigroup lowered their price objective on Avery Dennison from $241.00 to $240.00 and set a "neutral" rating for the company in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Avery Dennison presently has an average rating of "Moderate Buy" and a consensus price target of $245.42.

Insider Activity

In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the company's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the sale, the chairman now owns 304,114 shares of the company's stock, valued at approximately $64,745,870.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,108 shares of company stock valued at $12,545,087 over the last quarter. Company insiders own 1.10% of the company's stock.

Avery Dennison Stock Performance

AVY traded up $2.20 during trading on Friday, hitting $207.16. 797,830 shares of the company traded hands, compared to its average volume of 465,828. Avery Dennison Co. has a one year low of $165.21 and a one year high of $233.48. The stock's fifty day moving average is $216.73 and its 200 day moving average is $218.44. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The firm has a market cap of $16.69 billion, a P/E ratio of 30.24, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY - Get Free Report) last released its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.01. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The company's revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.10 EPS. As a group, equities analysts predict that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.70%. Avery Dennison's dividend payout ratio is presently 51.39%.

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.