Channing Capital Management LLC Takes Position in Avery Dennison Co. (NYSE:AVY)

Channing Capital Management LLC acquired a new stake in Avery Dennison Co. (NYSE:AVY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,393 shares of the industrial products company’s stock, valued at approximately $6,144,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Ameriprise Financial Inc. lifted its position in shares of Avery Dennison by 22.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock valued at $487,857,000 after acquiring an additional 493,857 shares during the period. Morgan Stanley increased its stake in Avery Dennison by 55.7% during the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after purchasing an additional 639,521 shares in the last quarter. Cerity Partners LLC raised its holdings in Avery Dennison by 4,159.9% during the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock worth $240,819,000 after buying an additional 1,163,264 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Avery Dennison by 5.5% in the third quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock valued at $200,302,000 after buying an additional 57,106 shares in the last quarter. Finally, Boston Partners lifted its position in Avery Dennison by 43.9% in the 3rd quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock valued at $184,026,000 after acquiring an additional 307,325 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVY. StockNews.com raised Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Truist Financial increased their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a report on Friday, April 26th. Robert W. Baird raised their price target on shares of Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. upped their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Finally, Raymond James reissued an “outperform” rating and set a $240.00 target price (up previously from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $224.00.

Avery Dennison Stock Performance

Shares of AVY traded down $0.51 during mid-day trading on Monday, hitting $221.04. The stock had a trading volume of 277,298 shares, compared to its average volume of 443,324. Avery Dennison Co. has a 52 week low of $158.93 and a 52 week high of $225.26. The business has a fifty day moving average price of $216.39 and a 200-day moving average price of $201.86. The firm has a market cap of $17.80 billion, a P/E ratio of 32.34, a PEG ratio of 3.41 and a beta of 0.91. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th will be paid a $0.88 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.59%. Avery Dennison’s dividend payout ratio (DPR) is presently 47.30%.

Insider Activity at Avery Dennison

In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were 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 available at this hyperlink. In other news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,879 shares of company stock worth $4,217,705. 1.10% of the stock is owned by corporate insiders.

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.