Ascent Capital Management LLC Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Ascent Capital Management LLC purchased a new stake in Avery Dennison Co. (NYSE:AVY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,530 shares of the industrial products company’s stock, valued at approximately $286,000.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in Avery Dennison in the fourth quarter valued at about $51,521,000. Geode Capital Management LLC boosted its stake in shares of Avery Dennison by 8.2% in 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 purchasing an additional 157,754 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Avery Dennison by 21.4% during the 4th quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company’s stock valued at $143,078,000 after purchasing an additional 134,560 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Avery Dennison by 411.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 123,360 shares of the industrial products company’s stock worth $23,084,000 after purchasing an additional 99,232 shares in the last quarter. Finally, World Investment Advisors LLC lifted its stake 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 valued at $20,278,000 after purchasing an additional 88,491 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Shares of AVY stock opened at $178.91 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The company has a market cap of $14.13 billion, a P/E ratio of 20.52, a P/E/G ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a one year low of $174.91 and a one year high of $233.48. The firm has a 50-day moving average of $185.49 and a 200-day moving average of $199.52.

Avery Dennison (NYSE:AVY) last released its earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS 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%. Equities research analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal 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 issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.97%. The ex-dividend date is Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 40.37%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $215.00 price target (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. UBS Group lowered their target price on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Bank of America dropped their price target on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. BMO Capital Markets set a $226.00 target price on Avery Dennison in a research report on Monday, February 3rd. Finally, Robert W. Baird set a $220.00 price target on shares of Avery Dennison in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.51.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 8,068 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the sale, the chairman now owns 316,300 shares of the company’s stock, valued at approximately $58,891,897. This represents a 2.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate 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.