Norden Group LLC Sells 2,676 Shares of Avery Dennison Co. (NYSE:AVY)

Norden Group LLC decreased its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 42.1% in the fourth quarter, HoldingsChannel reports. The fund owned 3,676 shares of the industrial products company’s stock after selling 2,676 shares during the quarter. Norden Group LLC’s holdings in Avery Dennison were worth $688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of AVY. Geode Capital Management LLC grew its position in shares of Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock valued at $459,621,000 after acquiring an additional 157,754 shares during the period. Bank of New York Mellon Corp boosted its holdings in Avery Dennison by 21.4% in the 4th quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company’s stock worth $143,078,000 after buying an additional 134,560 shares during the period. Victory Capital Management Inc. boosted its holdings in Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after buying an additional 90,250 shares during the period. World Investment Advisors LLC boosted its holdings in Avery Dennison by 2,629.0% in the 3rd quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company’s stock worth $20,278,000 after buying an additional 88,491 shares during the period. Finally, Ferguson Wellman Capital Management Inc. boosted its holdings in Avery Dennison by 135.6% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 146,830 shares of the industrial products company’s stock worth $27,476,000 after buying an additional 84,501 shares during the period. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Avery Dennison stock opened at $185.75 on Tuesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. Avery Dennison Co. has a 1-year low of $178.72 and a 1-year high of $233.48. The firm has a market capitalization of $14.67 billion, a P/E ratio of 21.30, a price-to-earnings-growth ratio of 2.07 and a beta of 0.89. The company’s 50-day moving average is $186.63 and its 200 day moving average is $201.59.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. Research analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 40.37%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVY. Raymond James reaffirmed an “outperform” rating and issued a $208.00 target price (down previously from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Truist Financial reaffirmed a “buy” rating and issued a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. UBS Group decreased their price target 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. JPMorgan Chase & Co. upgraded shares of Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $210.00 to $205.00 in a research note on Friday, January 31st. Finally, BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a research note on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus price target of $222.51.

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.