Huntington National Bank Boosts Stock Position in Avery Dennison Co. (NYSE:AVY)

Huntington National Bank increased its position in Avery Dennison Co. (NYSE:AVY) by 3.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,331 shares of the industrial products company’s stock after buying an additional 99 shares during the quarter. Huntington National Bank’s holdings in Avery Dennison were worth $735,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Swedbank AB bought a new stake in Avery Dennison during the 1st quarter valued at approximately $102,117,000. National Bank of Canada FI boosted its position in shares of Avery Dennison by 795.2% during the second quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after acquiring an additional 142,348 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Avery Dennison by 179.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock valued at $47,258,000 after acquiring an additional 138,808 shares in the last quarter. Victory Capital Management Inc. increased 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 valued at $312,772,000 after acquiring an additional 90,250 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its stake in Avery Dennison by 51.9% in the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after purchasing an additional 81,993 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AVY. Barclays reduced their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Citigroup decreased their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Truist Financial upped their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Insider Activity at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This trade represents a 2.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 27,108 shares of company stock worth $5,821,497 in the last 90 days. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Stock Down 1.1 %

Shares of NYSE AVY opened at $197.73 on Friday. The company has a market cap of $15.89 billion, a P/E ratio of 23.74, a PEG ratio of 1.56 and a beta of 0.89. The firm has a 50-day simple moving average of $212.79 and a two-hundred day simple moving average of $217.52. Avery Dennison Co. has a 1 year low of $186.66 and a 1 year high of $233.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the business earned $2.10 EPS. Avery Dennison’s revenue was up 4.1% compared to the same quarter last year. Research analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.78%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is presently 42.26%.

Avery Dennison Company 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.