Avery Dennison Co. (NYSE:AVY) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. trimmed its stake in shares of Avery Dennison Co. (NYSE:AVY) by 33.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,990 shares of the industrial products company’s stock after selling 3,000 shares during the period. First City Capital Management Inc.’s holdings in Avery Dennison were worth $1,322,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cetera Investment Advisers lifted its holdings in Avery Dennison by 195.2% during the 1st 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 during the last quarter. Natixis lifted its holdings in Avery Dennison by 365.9% during the 1st 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 during the last quarter. SG Americas Securities LLC lifted its holdings in Avery Dennison by 86.5% during the 2nd 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 during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in Avery Dennison during the 2nd quarter worth about $543,000. Finally, Swedbank AB lifted its holdings in shares of Avery Dennison by 1.0% in the 2nd quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock valued at $101,034,000 after purchasing an additional 4,673 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVY has been the subject of several analyst reports. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and upped their price objective for the company from $207.00 to $250.00 in a research note on Thursday, October 17th. Citigroup reduced their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Truist Financial upped their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $262.00 to $235.00 in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Stock Performance

NYSE AVY opened at $198.31 on Tuesday. 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 business’s 50 day moving average is $212.79 and its two-hundred day moving average is $217.52. Avery Dennison Co. has a 12-month low of $186.66 and a 12-month high of $233.48. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) 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. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.10 EPS. Research analysts expect that Avery Dennison Co. will post 9.42 EPS for the current year.

Avery Dennison Dividend Announcement

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 issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is currently 42.26%.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, 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 legal filing with the SEC, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.

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.