Pictet Asset Management Holding SA Grows Stake in Avery Dennison Co. (NYSE:AVY)

Pictet Asset Management Holding SA increased its stake in Avery Dennison Co. (NYSE:AVY - Free Report) by 14.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 51,966 shares of the industrial products company's stock after buying an additional 6,707 shares during the period. Pictet Asset Management Holding SA owned 0.06% of Avery Dennison worth $9,724,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Avery Dennison by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company's stock worth $1,811,738,000 after acquiring an additional 33,149 shares during the last quarter. Geode Capital Management LLC grew its position in Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company's stock valued at $459,621,000 after purchasing an additional 157,754 shares during the last quarter. Norges Bank bought a new stake in Avery Dennison during the 4th quarter valued at about $188,643,000. Boston Partners raised its holdings in Avery Dennison by 7.7% in the fourth quarter. Boston Partners now owns 926,506 shares of the industrial products company's stock worth $173,385,000 after buying an additional 66,216 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake 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 worth $143,078,000 after buying an additional 134,560 shares in the last quarter. Institutional investors own 94.17% of the company's stock.

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Insider Activity

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction 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 directly owns 303,331 shares of the company's stock, valued at $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company's stock.

Avery Dennison Stock Performance

NYSE AVY traded down $4.14 during trading hours on Monday, hitting $166.12. 1,821,988 shares of the company's stock traded hands, compared to its average volume of 558,174. Avery Dennison Co. has a 52 week low of $162.53 and a 52 week high of $233.48. The firm has a market capitalization of $13.12 billion, a P/E ratio of 19.05, a P/E/G 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 business's fifty day moving average price is $181.22 and its two-hundred day moving average price is $194.64.

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

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison's dividend payout ratio (DPR) is currently 40.37%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Avery Dennison from $228.00 to $202.00 and set a "neutral" rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. upgraded Avery Dennison from a "neutral" rating to an "overweight" rating and decreased their price target for the stock from $210.00 to $205.00 in a research note on Friday, January 31st. Truist Financial reaffirmed a "buy" rating and set a $215.00 price target (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Barclays decreased their target price on Avery Dennison from $245.00 to $225.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Finally, UBS Group dropped their price target on shares of Avery Dennison from $207.00 to $189.00 and set a "neutral" rating on the stock in a report on Monday. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Avery Dennison currently has an average rating of "Moderate Buy" and an average target price 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.