Sumitomo Life Insurance Co. Reduces Position in Avery Dennison Co. (NYSE:AVY)

Sumitomo Life Insurance Co. reduced its position in Avery Dennison Co. (NYSE:AVY) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,971 shares of the industrial products company’s stock after selling 387 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Avery Dennison were worth $2,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Clear Street Markets LLC boosted its stake in Avery Dennison by 92.7% in the first quarter. Clear Street Markets LLC now owns 158 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 76 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Avery Dennison in the third quarter worth approximately $32,000. Eagle Bay Advisors LLC acquired a new stake in Avery Dennison in the second quarter worth approximately $33,000. IFP Advisors Inc lifted its position in Avery Dennison by 56.3% in the second quarter. IFP Advisors Inc now owns 200 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 72 shares during the period. Finally, Milestone Investment Advisors LLC acquired a new stake in Avery Dennison in the first quarter worth approximately $35,000. 94.17% of the stock is owned by institutional investors.

Insider Buying and Selling at Avery Dennison

In other news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the transaction, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the completion of the transaction, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan D. Yost sold 1,400 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the transaction, the insider now directly owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. Insiders sold 19,879 shares of company stock worth $4,217,705 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Avery Dennison Stock Down 1.8 %

NYSE:AVY traded down $3.77 during trading hours on Friday, reaching $211.23. The company’s stock had a trading volume of 460,399 shares, compared to its average volume of 358,661. The company has a market cap of $17.01 billion, a price-to-earnings ratio of 34.01, a price-to-earnings-growth ratio of 3.25 and a beta of 0.90. Avery Dennison Co. has a one year low of $158.93 and a one year high of $225.26. The business’s 50-day moving average is $214.03 and its 200-day moving average is $198.41. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.04 and a quick ratio of 0.69.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data 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. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the prior year, the company posted $1.65 earnings per share. Avery Dennison’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities research analysts predict that Avery Dennison Co. will post 9.28 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is 52.17%.

Analysts Set New Price Targets

AVY has been the topic of several research reports. Bank of America cut Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 price target on the stock. in a report on Tuesday, January 2nd. JPMorgan Chase & Co. upped their price target on Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. UBS Group boosted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. Finally, Citigroup boosted their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and an average price target of $221.00.

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.