Armstrong Advisory Group Inc. Trims Position in Avery Dennison Co. (NYSE:AVY)

Armstrong Advisory Group Inc. lessened its stake in shares of Avery Dennison Co. (NYSE:AVY) by 23.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 193 shares of the industrial products company’s stock after selling 60 shares during the period. Armstrong Advisory Group Inc.’s holdings in Avery Dennison were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC purchased a new position in shares of Avery Dennison during the 2nd quarter worth $28,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Avery Dennison during the 2nd quarter worth $42,000. 1620 Investment Advisors Inc. purchased a new position in shares of Avery Dennison during the 2nd quarter worth $51,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter worth about $64,000. Finally, Versant Capital Management Inc increased its position in shares of Avery Dennison by 936.7% during the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVY. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Truist Financial raised their price objective on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. BMO Capital Markets reissued an “outperform” rating and set a $252.00 price objective (down from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective for the company. Finally, Barclays started coverage on Avery Dennison in a research report on Monday, October 7th. They set an “overweight” rating and a $250.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $242.96.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $212.90, for a total value of $2,129,000.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at approximately $64,745,870.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is currently owned by company insiders.

Avery Dennison Stock Performance

NYSE AVY opened at $220.52 on Tuesday. The company has a market cap of $17.76 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.90 and a quick ratio of 0.60. The stock has a 50-day moving average of $215.87 and a two-hundred day moving average of $218.88. Avery Dennison Co. has a 1-year low of $165.21 and a 1-year high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.16. The business had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.92 EPS. As a group, analysts anticipate that Avery Dennison Co. will post 9.41 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s payout ratio is presently 51.39%.

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.