Victory Capital Management Inc. Buys 90,250 Shares of Avery Dennison Co. (NYSE:AVY)

Victory Capital Management Inc. grew its position in Avery Dennison Co. (NYSE:AVY - Free Report) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,416,798 shares of the industrial products company's stock after acquiring an additional 90,250 shares during the period. Victory Capital Management Inc. owned 1.76% of Avery Dennison worth $312,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of AVY. Aigen Investment Management LP raised its position in Avery Dennison by 41.0% in the 3rd quarter. Aigen Investment Management LP now owns 4,649 shares of the industrial products company's stock valued at $1,026,000 after purchasing an additional 1,351 shares during the last quarter. Entropy Technologies LP lifted its position in Avery Dennison by 127.6% during the 3rd quarter. Entropy Technologies LP now owns 20,568 shares of the industrial products company's stock worth $4,541,000 after buying an additional 11,530 shares in the last quarter. Apollon Wealth Management LLC increased its position in Avery Dennison by 7.2% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,233 shares of the industrial products company's stock valued at $272,000 after acquiring an additional 83 shares in the last quarter. Versor Investments LP bought a new position in shares of Avery Dennison in the third quarter worth about $715,000. Finally, Kennebec Savings Bank bought a new stake in shares of Avery Dennison during the third quarter valued at approximately $36,000. 94.17% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. BMO Capital Markets cut their target price on Avery Dennison from $252.00 to $247.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Citigroup decreased their price target on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating for the company in a report on Wednesday, October 2nd. Truist Financial lifted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a "buy" rating in a report on Wednesday, July 24th. StockNews.com cut Avery Dennison from a "buy" rating to a "hold" rating in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. cut Avery Dennison from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $230.00 to $210.00 in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $244.96.

Avery Dennison Price Performance

Shares of AVY stock traded down $2.08 during trading on Tuesday, hitting $202.50. The company had a trading volume of 458,394 shares, compared to its average volume of 467,220. The firm has a market capitalization of $16.27 billion, a P/E ratio of 24.63, a price-to-earnings-growth ratio of 1.58 and a beta of 0.89. Avery Dennison Co. has a one year low of $178.29 and a one year high of $233.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. The stock's 50-day moving average price is $214.22 and its 200 day moving average price is $218.01.

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 (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the firm posted $2.10 EPS. Avery Dennison's quarterly revenue was up 4.1% on a year-over-year basis. Equities analysts expect that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Announces Dividend

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

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $211.91, for a total value of $2,119,100.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $64,444,797.74. The trade was 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 other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the company's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $211.91, for a total value of $2,119,100.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company's stock, valued at $64,444,797.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company's stock, valued at $66,333,345.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,108 shares of company stock valued at $7,940,597 over the last three months. 1.10% of the stock is owned by insiders.

Avery Dennison Company 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.