United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Acquires New Shares in Avery Dennison Co. (NYSE:AVY)

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in Avery Dennison Co. (NYSE:AVY) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,000 shares of the industrial products company’s stock, valued at approximately $374,000.

Several other hedge funds have also recently bought and sold shares of AVY. Citigroup Inc. grew its position in shares of Avery Dennison by 30.0% in the third quarter. Citigroup Inc. now owns 83,512 shares of the industrial products company’s stock valued at $18,436,000 after purchasing an additional 19,248 shares during the last quarter. Larson Financial Group LLC increased its stake in Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 71 shares during the period. Daiwa Securities Group Inc. raised its holdings in Avery Dennison by 13.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 9,914 shares of the industrial products company’s stock valued at $2,189,000 after acquiring an additional 1,175 shares in the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of Avery Dennison by 6.5% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,049 shares of the industrial products company’s stock worth $232,000 after acquiring an additional 64 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Avery Dennison by 1.9% during the 3rd quarter. Bank of Montreal Can now owns 254,942 shares of the industrial products company’s stock worth $56,684,000 after purchasing an additional 4,729 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Avery Dennison Trading Up 1.3 %

Shares of AVY opened at $178.04 on Thursday. The stock’s fifty day simple moving average is $183.85 and its 200-day simple moving average is $197.18. The firm has a market capitalization of $14.06 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a 12-month low of $173.02 and a 12-month high of $233.48. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10.

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

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s payout ratio is 40.37%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Robert W. Baird set a $220.00 target price on Avery Dennison in a research note on Friday, January 31st. BMO Capital Markets set a $226.00 price objective on shares of Avery Dennison in a report on Monday, February 3rd. Truist Financial reiterated a “buy” rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Barclays dropped their price target on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Raymond James reaffirmed an “outperform” rating and set a $208.00 price objective (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $222.51.

Insider Activity

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the transaction, the chairman now owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.84% of the stock is currently owned by company insiders.

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.