Palmer Knight Co Trims Position in Avery Dennison Co. (NYSE:AVY)

Palmer Knight Co decreased its stake in shares of Avery Dennison Co. (NYSE:AVY) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,316 shares of the industrial products company’s stock after selling 99 shares during the period. Avery Dennison accounts for 3.7% of Palmer Knight Co’s portfolio, making the stock its 14th largest position. Palmer Knight Co’s holdings in Avery Dennison were worth $6,129,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Alliance Wealth Advisors LLC UT increased its position in shares of Avery Dennison by 1.5% in the fourth quarter. Alliance Wealth Advisors LLC UT now owns 3,840 shares of the industrial products company’s stock worth $776,000 after acquiring an additional 56 shares in the last quarter. New York Life Investment Management LLC increased its holdings in shares of Avery Dennison by 0.5% in the 3rd quarter. New York Life Investment Management LLC now owns 11,454 shares of the industrial products company’s stock worth $2,092,000 after acquiring an additional 58 shares during the period. Signaturefd LLC increased its stake in Avery Dennison by 25.5% during the 3rd quarter. Signaturefd LLC now owns 300 shares of the industrial products company’s stock valued at $55,000 after buying an additional 61 shares during the period. Advisor Partners II LLC increased its stake in Avery Dennison by 1.9% during the 3rd quarter. Advisor Partners II LLC now owns 3,342 shares of the industrial products company’s stock valued at $610,000 after buying an additional 63 shares during the period. Finally, Lindbrook Capital LLC increased its stake in Avery Dennison by 11.5% during the 4th quarter. Lindbrook Capital LLC now owns 630 shares of the industrial products company’s stock valued at $127,000 after buying an additional 65 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analyst Upgrades and Downgrades

AVY has been the subject of several recent analyst reports. Citigroup raised their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Truist Financial boosted their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Robert W. Baird lifted their price target on shares of Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and an average price target of $224.00.

Avery Dennison Price Performance

AVY stock traded down $0.33 during midday trading on Monday, reaching $218.70. The company had a trading volume of 184,964 shares, compared to its average volume of 442,174. The company has a market capitalization of $17.61 billion, a price-to-earnings ratio of 31.95, a price-to-earnings-growth ratio of 3.38 and a beta of 0.90. The stock has a 50 day moving average price of $215.71 and a 200-day moving average price of $200.58. Avery Dennison Co. has a 1-year low of $158.93 and a 1-year high of $225.26. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.58.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.16. The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.65 earnings per share. Equities research analysts expect that Avery Dennison Co. will post 9.26 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 annualized dividend and a yield of 1.61%. Avery Dennison’s dividend payout ratio is presently 47.30%.

Insider Buying and Selling at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $202.26, for a total transaction of $1,074,202.86. Following the completion of the sale, the director now owns 5,018 shares in the company, valued at $1,014,940.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julia A. Stewart sold 5,311 shares of the firm’s stock in a transaction dated 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. Over the last three months, insiders have sold 19,879 shares of company stock valued at $4,217,705. 1.10% of the stock is currently owned by company insiders.

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.