Sky Investment Group LLC Reduces Stock Position in Avery Dennison Co. (NYSE:AVY)

Sky Investment Group LLC cut its position in shares of Avery Dennison Co. (NYSE:AVY) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,695 shares of the industrial products company’s stock after selling 223 shares during the quarter. Sky Investment Group LLC’s holdings in Avery Dennison were worth $3,244,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Cetera Investment Advisers grew its position in shares of Avery Dennison by 195.2% in the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after purchasing an additional 11,811 shares during the last quarter. Natixis raised its holdings in shares of Avery Dennison by 365.9% in the first quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after acquiring an additional 3,575 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in shares of Avery Dennison in the first quarter worth $2,935,000. SG Americas Securities LLC boosted its stake in shares of Avery Dennison by 86.5% during the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock valued at $7,114,000 after acquiring an additional 15,092 shares during the last quarter. Finally, McElhenny Sheffield Capital Management LLC purchased a new stake in Avery Dennison during the 2nd quarter worth about $543,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVY. Citigroup dropped their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. Truist Financial lifted 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. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. Finally, Stifel Nicolaus began coverage on shares of Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price on the stock. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison currently has a consensus rating of “Moderate Buy” and an average target price of $246.78.

Insider Transactions at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares in the company, valued at $65,004,367.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total transaction of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at $65,004,367.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock valued at $12,545,087. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Down 1.6 %

NYSE:AVY traded down $3.51 on Tuesday, reaching $211.90. The stock had a trading volume of 73,852 shares, compared to its average volume of 457,377. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. Avery Dennison Co. has a 12-month low of $165.21 and a 12-month high of $233.48. The company has a 50-day moving average of $216.96 and a 200 day moving average of $218.74. The stock has a market cap of $17.07 billion, a P/E ratio of 31.45, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88.

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

Avery Dennison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.66%. Avery Dennison’s dividend payout ratio (DPR) is presently 51.39%.

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.