Cypress Capital Group Has $1.79 Million Stake in Avery Dennison Co. (NYSE:AVY)

Cypress Capital Group lessened its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 3.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,120 shares of the industrial products company’s stock after selling 250 shares during the period. Cypress Capital Group’s holdings in Avery Dennison were worth $1,793,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of Avery Dennison by 6.8% during the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after buying an additional 90,250 shares during the period. Boston Partners boosted its holdings in Avery Dennison by 3.6% during the first quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after purchasing an additional 35,538 shares during the last quarter. Meridiem Investment Management Ltd. grew its position in Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock valued at $175,261,000 after purchasing an additional 5,756 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Avery Dennison by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock worth $172,254,000 after buying an additional 32,467 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Avery Dennison by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after acquiring an additional 17,158 shares during the last quarter. 94.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the 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 completion of the transaction, the chairman now 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on AVY. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and increased their price objective for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. Citigroup cut their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. Truist Financial raised their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, BMO Capital Markets reduced their target price on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.96.

Avery Dennison Stock Performance

AVY stock opened at $197.64 on Thursday. Avery Dennison Co. has a 1-year low of $187.93 and a 1-year high of $233.48. The company has a market capitalization of $15.88 billion, a P/E ratio of 23.73, a PEG ratio of 1.52 and a beta of 0.89. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The business has a 50-day moving average price of $211.92 and a 200 day moving average price of $217.20.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the company earned $2.10 EPS. Avery Dennison’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Announces Dividend

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

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.