Avery Dennison Co. (NYSE:AVY) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio cut its stake in shares of Avery Dennison Co. (NYSE:AVY) by 6.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 44,936 shares of the industrial products company’s stock after selling 2,916 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.06% of Avery Dennison worth $10,032,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cerity Partners LLC raised its position in shares of Avery Dennison by 4,159.9% in the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after purchasing an additional 1,163,264 shares in the last quarter. Norges Bank acquired a new position in shares of Avery Dennison in the 4th quarter valued at approximately $185,292,000. Veritas Investment Partners UK Ltd. raised its position in shares of Avery Dennison by 15.5% in the 4th quarter. Veritas Investment Partners UK Ltd. now owns 760,791 shares of the industrial products company’s stock valued at $153,804,000 after purchasing an additional 102,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Avery Dennison by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 736,696 shares of the industrial products company’s stock valued at $148,933,000 after acquiring an additional 31,114 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Avery Dennison by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 667,811 shares of the industrial products company’s stock valued at $135,005,000 after acquiring an additional 15,331 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Trading Down 0.4 %

Shares of AVY traded down $0.83 during midday trading on Monday, hitting $212.91. The stock had a trading volume of 607,445 shares, compared to its average volume of 451,578. Avery Dennison Co. has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The business has a 50-day simple moving average of $222.84 and a two-hundred day simple moving average of $216.18. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The firm has a market cap of $17.15 billion, a P/E ratio of 31.08, a price-to-earnings-growth ratio of 1.77 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.16. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the prior year, the business posted $1.92 earnings per share. Avery Dennison’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Avery Dennison Co. will post 9.39 EPS for the current year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Wednesday, September 4th. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insider Buying and Selling

In related news, insider Ryan D. Yost sold 149 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $226.38, for a total value of $33,730.62. Following the completion of the sale, the insider now directly owns 2,110 shares in the company, valued at $477,661.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Avery Dennison news, SVP Ignacio J. Walker sold 2,206 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $226.70, for a total transaction of $500,100.20. Following the completion of the sale, the senior vice president now directly owns 7,082 shares in the company, valued at $1,605,489.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan D. Yost sold 149 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $226.38, for a total transaction of $33,730.62. Following the completion of the sale, the insider now owns 2,110 shares of the company’s stock, valued at approximately $477,661.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,583 shares of company stock worth $2,856,353. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AVY shares. JPMorgan Chase & Co. upped their price target on Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Truist Financial upped their price target on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Argus upped their price target on Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Citigroup upped their price objective on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Finally, BMO Capital Markets lowered their price objective on Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $239.96.

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.