Corient Private Wealth LLC Reduces Stock Position in Avery Dennison Co. (NYSE:AVY)

Corient Private Wealth LLC decreased its holdings in Avery Dennison Co. (NYSE:AVY) by 2.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 246,500 shares of the industrial products company’s stock after selling 5,164 shares during the quarter. Corient Private Wealth LLC owned approximately 0.31% of Avery Dennison worth $46,128,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Apollon Wealth Management LLC lifted its position in Avery Dennison by 7.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 1,233 shares of the industrial products company’s stock worth $272,000 after acquiring an additional 83 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in shares of Avery Dennison during the third quarter worth about $207,000. CIBC Asset Management Inc grew its position in shares of Avery Dennison by 5.0% in the 3rd quarter. CIBC Asset Management Inc now owns 15,595 shares of the industrial products company’s stock worth $3,443,000 after acquiring an additional 742 shares in the last quarter. Empirical Finance LLC boosted its holdings in Avery Dennison by 2.0% in the third quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company’s stock worth $623,000 after purchasing an additional 55 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Avery Dennison by 0.3% in the 3rd quarter. Swiss National Bank now owns 239,100 shares of the industrial products company’s stock valued at $52,784,000 after buying an additional 700 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $179.67 on Tuesday. The company has a 50 day moving average of $185.32 and a 200-day moving average of $199.11. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $14.19 billion, a P/E ratio of 20.60, a P/E/G ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a twelve month low of $174.91 and a twelve month high of $233.48.

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 the consensus estimate 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, equities research analysts forecast that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.96%. Avery Dennison’s payout ratio is 40.37%.

Insider Buying and Selling

In other news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the completion of the transaction, the chairman now directly owns 303,331 shares in the company, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AVY shares. Barclays lowered 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. Bank of America lowered their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Truist Financial restated a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. BMO Capital Markets set a $226.00 target price on shares of Avery Dennison in a research report on Monday, February 3rd. Finally, JPMorgan Chase & Co. raised Avery Dennison from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $210.00 to $205.00 in a research 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $222.51.

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.