Sumitomo Life Insurance Co. Reduces Stake in Avery Dennison Co. (NYSE:AVY)

Sumitomo Life Insurance Co. cut its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 1.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,095 shares of the industrial products company’s stock after selling 184 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Avery Dennison were worth $2,263,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AVY. Larson Financial Group LLC raised its holdings in shares of Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 71 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Avery Dennison during the 3rd quarter worth about $36,000. Peterson Financial Group Inc. purchased a new position in shares of Avery Dennison during the 3rd quarter valued at about $39,000. Raleigh Capital Management Inc. lifted its holdings in shares of Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock valued at $56,000 after buying an additional 238 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of Avery Dennison in the third quarter worth about $66,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Avery Dennison

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at $1,467,956. This trade represents a 34.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Price Performance

Shares of Avery Dennison stock opened at $193.43 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The business has a 50 day simple moving average of $194.04 and a two-hundred day simple moving average of $206.80. The stock has a market capitalization of $15.54 billion, a P/E ratio of 23.22, a PEG ratio of 1.36 and a beta of 0.89. Avery Dennison Co. has a 12 month low of $181.99 and a 12 month high of $233.48.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on AVY shares. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Barclays cut their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. BMO Capital Markets lowered their price target on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Truist Financial cut their price objective on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, UBS Group lowered their target price on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.05.

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.