NewEdge Wealth LLC Invests $243,000 in Avery Dennison Co. (NYSE:AVY)

NewEdge Wealth LLC purchased a new position in Avery Dennison Co. (NYSE:AVY) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,200 shares of the industrial products company’s stock, valued at approximately $243,000.

Several other hedge funds have also recently modified their holdings of AVY. Sapient Capital LLC purchased a new stake in Avery Dennison during the fourth quarter valued at $209,000. Cerity Partners LLC increased its position 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 valued at $240,819,000 after acquiring an additional 1,163,264 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Avery Dennison by 133.4% during the fourth quarter. Mutual of America Capital Management LLC now owns 26,318 shares of the industrial products company’s stock valued at $5,320,000 after acquiring an additional 15,040 shares during the last quarter. Custom Index Systems LLC purchased a new stake in Avery Dennison during the fourth quarter valued at $410,000. Finally, Moody Aldrich Partners LLC purchased a new stake in Avery Dennison during the fourth quarter valued at $209,000. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Insider Activity at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Mitchell R. Butier sold 8,168 shares of the stock in a transaction that occurred on 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 transaction, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,879 shares of company stock valued at $4,217,705. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Performance

NYSE AVY opened at $209.35 on Friday. The firm has a market cap of $16.86 billion, a price-to-earnings ratio of 33.71, a price-to-earnings-growth ratio of 3.25 and a beta of 0.90. The company has a quick ratio of 0.69, a current ratio of 1.04 and a debt-to-equity ratio of 1.23. The business has a 50-day moving average price of $214.84 and a 200-day moving average price of $199.06. Avery Dennison Co. has a twelve month low of $158.93 and a twelve month high of $225.26.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.16. The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a return on equity of 30.97% and a net margin of 6.01%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.65 earnings per share. As a group, equities research analysts predict that Avery Dennison Co. will post 9.28 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Tuesday, March 5th. Avery Dennison’s payout ratio is presently 52.17%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AVY shares. JPMorgan Chase & Co. upped their price objective on Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. Raymond James upped their price target on Avery Dennison from $199.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Truist Financial restated a “buy” rating and issued a $249.00 price target on shares of Avery Dennison in a research report on Friday, January 19th. Citigroup upped their price target on Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $221.00.

About Avery Dennison

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.