Great Lakes Advisors LLC Sells 146 Shares of Avery Dennison Co. (NYSE:AVY)

Great Lakes Advisors LLC trimmed its position in Avery Dennison Co. (NYSE:AVY) by 0.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,468 shares of the industrial products company’s stock after selling 146 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.17% of Avery Dennison worth $29,620,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. QRG Capital Management Inc. increased its holdings in shares of Avery Dennison by 30.7% in the fourth quarter. QRG Capital Management Inc. now owns 3,682 shares of the industrial products company’s stock worth $744,000 after purchasing an additional 864 shares during the period. Jump Financial LLC purchased a new position in shares of Avery Dennison during the fourth quarter worth about $1,213,000. UBS Group AG increased its position in shares of Avery Dennison by 54.1% in the fourth quarter. UBS Group AG now owns 181,418 shares of the industrial products company’s stock worth $36,675,000 after purchasing an additional 63,716 shares during the last quarter. Cetera Investment Advisers raised its stake in Avery Dennison by 195.2% in the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after purchasing an additional 11,811 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in Avery Dennison by 270.4% in the 4th quarter. National Bank of Canada FI now owns 21,573 shares of the industrial products company’s stock worth $4,307,000 after buying an additional 15,749 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Analyst Ratings Changes

AVY has been the topic of a number of research analyst reports. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and reduced their target price for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Citigroup upped their target price on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Truist Financial boosted their price objective on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Stifel Nicolaus assumed coverage on shares of Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. Finally, BMO Capital Markets cut their price target on shares of Avery Dennison from $256.00 to $254.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $239.96.

Avery Dennison Trading Down 0.8 %

Shares of NYSE:AVY traded down $1.82 on Friday, hitting $216.91. The company had a trading volume of 379,873 shares, compared to its average volume of 448,712. Avery Dennison Co. has a 1 year low of $165.21 and a 1 year high of $233.48. The firm has a market capitalization of $17.47 billion, a price-to-earnings ratio of 31.66, a P/E/G ratio of 1.84 and a beta of 0.88. The firm’s 50-day simple moving average is $215.32 and its two-hundred day simple moving average is $218.60. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89.

Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.16. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the prior year, the company earned $1.92 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Wednesday, September 4th. Avery Dennison’s dividend payout ratio is presently 51.39%.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $65,004,367.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $205.76, for a total transaction of $617,280.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $62,574,496.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock worth $12,545,087 in the last three months. 1.10% of the stock is owned by corporate insiders.

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.