Comgest Global Investors S.A.S. Buys 7,144 Shares of Avery Dennison Co. (NYSE:AVY)

Comgest Global Investors S.A.S. grew its stake in shares of Avery Dennison Co. (NYSE:AVY) by 3.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 239,705 shares of the industrial products company’s stock after acquiring an additional 7,144 shares during the period. Avery Dennison accounts for about 0.8% of Comgest Global Investors S.A.S.’s investment portfolio, making the stock its 21st biggest holding. Comgest Global Investors S.A.S.’s holdings in Avery Dennison were worth $52,917,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. 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 worth $3,988,000 after buying an additional 11,811 shares in the last quarter. Natixis raised its stake in Avery Dennison by 365.9% in the first quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after buying an additional 3,575 shares in the last quarter. SG Americas Securities LLC raised its stake in Avery Dennison by 86.5% in the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock worth $7,114,000 after buying an additional 15,092 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in Avery Dennison in the second quarter worth approximately $543,000. Finally, Swedbank AB raised its stake in Avery Dennison by 1.0% in the second quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock worth $101,034,000 after buying an additional 4,673 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. This represents a 2.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 27,108 shares of company stock worth $5,821,497 in the last 90 days. Insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Shares of Avery Dennison stock traded down $2.18 during trading hours on Friday, reaching $197.73. The stock had a trading volume of 460,769 shares, compared to its average volume of 467,220. The stock’s 50 day moving average is $212.79 and its 200 day moving average is $217.52. The firm has a market capitalization of $15.89 billion, a PE ratio of 23.74, a PEG ratio of 1.56 and a beta of 0.89. Avery Dennison Co. has a twelve month low of $186.66 and a twelve 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.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates 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 company’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 earnings per share. Equities analysts expect that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The business 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 1.78%. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

Wall Street Analysts Forecast Growth

AVY has been the topic of several analyst reports. JPMorgan Chase & Co. lowered shares of Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $230.00 to $210.00 in a report on Thursday, October 24th. Barclays cut their price target on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Citigroup cut their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. UBS Group lowered shares of Avery Dennison from a “buy” rating to a “neutral” rating and cut their price target for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Finally, Truist Financial lifted their price target 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. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $244.96.

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.