Penobscot Investment Management Company Inc. Cuts Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Penobscot Investment Management Company Inc. reduced its stake in Avery Dennison Co. (NYSE:AVY) by 3.2% during the fourth quarter, HoldingsChannel reports. The firm owned 9,832 shares of the industrial products company’s stock after selling 330 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Avery Dennison were worth $1,840,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Avery Dennison by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 9,681,709 shares of the industrial products company’s stock worth $1,811,738,000 after purchasing an additional 33,149 shares during the last quarter. Geode Capital Management LLC boosted its stake in Avery Dennison by 8.2% in the third quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock worth $459,621,000 after buying an additional 157,754 shares in the last quarter. Boston Partners raised its stake in shares of Avery Dennison by 7.7% during the fourth quarter. Boston Partners now owns 926,506 shares of the industrial products company’s stock worth $173,385,000 after acquiring an additional 66,216 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of 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 acquiring an additional 134,560 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Avery Dennison by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 699,091 shares of the industrial products company’s stock valued at $130,821,000 after purchasing an additional 10,674 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now owns 303,331 shares in the company, valued at $55,160,742.35. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company’s stock.

Avery Dennison Stock Down 0.9 %

AVY stock opened at $175.38 on Wednesday. Avery Dennison Co. has a fifty-two week low of $173.02 and a fifty-two week high of $233.48. The company has a market capitalization of $13.85 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The business’s 50 day moving average price is $184.10 and its two-hundred day moving average price is $197.31. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data 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 return on equity of 33.06% and a net margin of 8.05%. As a group, analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s payout ratio is currently 40.37%.

Wall Street Analyst Weigh In

Several analysts have issued reports on AVY shares. Bank of America cut their price target on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. upgraded Avery Dennison from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $210.00 to $205.00 in a research report on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $208.00 price objective (down previously from $218.00) on shares of Avery Dennison in a research report on Friday, January 31st. BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a 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 analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Avery Dennison currently has a consensus 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.