Ceredex Value Advisors LLC Sells 156,514 Shares of Avery Dennison Co. (NYSE:AVY)

Ceredex Value Advisors LLC decreased its stake in Avery Dennison Co. (NYSE:AVY) by 26.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 442,688 shares of the industrial products company’s stock after selling 156,514 shares during the quarter. Avery Dennison comprises 1.6% of Ceredex Value Advisors LLC’s portfolio, making the stock its 16th biggest holding. Ceredex Value Advisors LLC’s holdings in Avery Dennison were worth $89,494,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVY. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Avery Dennison during the 4th quarter valued at $2,715,000. Assenagon Asset Management S.A. boosted its holdings in Avery Dennison by 192.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 10,713 shares of the industrial products company’s stock valued at $2,166,000 after acquiring an additional 7,047 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Avery Dennison by 736.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 142,766 shares of the industrial products company’s stock valued at $26,080,000 after acquiring an additional 125,691 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Avery Dennison by 4.8% in the 4th quarter. Nordea Investment Management AB now owns 5,902 shares of the industrial products company’s stock worth $1,196,000 after buying an additional 268 shares during the period. Finally, Boston Trust Walden Corp lifted its holdings in shares of Avery Dennison by 1.4% in the 4th quarter. Boston Trust Walden Corp now owns 271,198 shares of the industrial products company’s stock worth $54,825,000 after buying an additional 3,852 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Stock Up 0.4 %

NYSE:AVY traded up $0.97 during midday trading on Friday, reaching $218.11. The company had a trading volume of 360,949 shares, compared to its average volume of 369,006. The firm has a market capitalization of $17.56 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 3.36 and a beta of 0.90. The company has a current ratio of 1.04, a quick ratio of 0.69 and a debt-to-equity ratio of 1.23. The stock’s fifty day simple moving average is $212.42 and its 200-day simple moving average is $197.24. Avery Dennison Co. has a 12-month low of $158.93 and a 12-month high of $225.26.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.16. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. Avery Dennison’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 EPS. On average, sell-side analysts anticipate that Avery Dennison Co. will post 9.28 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is currently 52.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVY shares. JPMorgan Chase & Co. upped their target price on Avery Dennison from $185.00 to $218.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. UBS Group increased their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Raymond James upped their target price on Avery Dennison from $199.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Truist Financial reissued a “buy” rating and set a $249.00 target price on shares of Avery Dennison in a report on Friday, January 19th. Finally, Bank of America cut Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price for the company. in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.00.

Insider Activity at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total value of $1,074,202.86. Following the transaction, the director now owns 5,018 shares in the company, valued at approximately $1,014,940.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value of $1,069,500.00. Following the sale, the senior vice president now owns 6,102 shares of the company’s stock, valued at approximately $1,305,217.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the sale, the director now directly owns 5,018 shares in the company, valued at approximately $1,014,940.68. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock worth $4,217,705 in the last quarter. Company insiders own 1.10% of the company’s stock.

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.