ING Groep NV Has $6.59 Million Stock Position in Avery Dennison Co. (NYSE:AVY)

ING Groep NV lessened its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 16.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,869 shares of the industrial products company’s stock after selling 5,770 shares during the quarter. ING Groep NV’s holdings in Avery Dennison were worth $6,594,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. boosted its position in Avery Dennison by 2.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,423 shares of the industrial products company’s stock worth $988,000 after acquiring an additional 90 shares during the last quarter. Bleakley Financial Group LLC acquired a new stake in Avery Dennison during the first quarter worth approximately $205,000. State Board of Administration of Florida Retirement System boosted its stake in Avery Dennison by 15.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 89,148 shares of the industrial products company’s stock valued at $19,902,000 after purchasing an additional 11,771 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Avery Dennison by 20.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 95,419 shares of the industrial products company’s stock valued at $21,302,000 after acquiring an additional 15,970 shares during the period. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Avery Dennison by 4.4% in the first quarter. Orion Portfolio Solutions LLC now owns 7,001 shares of the industrial products company’s stock valued at $1,563,000 after acquiring an additional 296 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVY has been the subject of a number of recent research reports. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $207.00 to $250.00 in a report on Thursday, October 17th. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Truist Financial lifted their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Citigroup reduced their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. Finally, UBS Group cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.96.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred on 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 directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. This represents a 2.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 27,108 shares of company stock worth $5,821,497. 1.10% of the stock is currently owned by insiders.

Avery Dennison Stock Down 1.1 %

AVY stock opened at $197.73 on Friday. The firm has a 50-day moving average price of $213.17 and a 200-day moving average price of $217.66. Avery Dennison Co. has a 12 month low of $186.66 and a 12 month high of $233.48. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $15.89 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 1.56 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.32 by $0.01. The business 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 7.76% and a return on equity of 33.01%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 EPS. As a group, equities research analysts anticipate that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.78%. Avery Dennison’s payout ratio is presently 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.