Public Sector Pension Investment Board Reduces Stake in Avery Dennison Co. (NYSE:AVY)

Public Sector Pension Investment Board trimmed its position in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 98.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,474 shares of the industrial products company's stock after selling 223,545 shares during the quarter. Public Sector Pension Investment Board's holdings in Avery Dennison were worth $767,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company's stock worth $312,772,000 after purchasing an additional 90,250 shares in the last quarter. Meridiem Investment Management Ltd. increased its holdings in shares of Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company's stock valued at $175,261,000 after purchasing an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company's stock worth $172,254,000 after buying an additional 32,467 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Avery Dennison by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company's stock worth $154,431,000 after buying an additional 3,118 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Avery Dennison by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 688,417 shares of the industrial products company's stock valued at $151,975,000 after buying an additional 1,782 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the transaction, the senior vice president now owns 7,126 shares in the company, valued at $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.10% of the company's stock.

Analyst Ratings Changes

AVY has been the topic of several analyst reports. Barclays reduced their price target on Avery Dennison from $250.00 to $245.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Bank of America upgraded shares of Avery Dennison from an "underperform" rating to a "buy" rating and boosted their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. StockNews.com downgraded shares of Avery Dennison from a "buy" rating to a "hold" rating in a report on Thursday, October 24th. BMO Capital Markets decreased their price objective on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $244.96.

Avery Dennison Trading Down 0.4 %

AVY traded down $0.79 during mid-day trading on Friday, hitting $202.50. 594,624 shares of the stock were exchanged, compared to its average volume of 500,643. The firm's fifty day moving average is $208.28 and its two-hundred day moving average is $215.28. Avery Dennison Co. has a 1-year low of $190.04 and a 1-year high of $233.48. The company has a market cap of $16.27 billion, a PE ratio of 24.31, a PEG ratio of 1.57 and a beta of 0.87. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85.

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

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison's dividend payout ratio is currently 42.26%.

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.