Mackenzie Financial Corp Lowers Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Mackenzie Financial Corp cut its position in Avery Dennison Co. (NYSE:AVY) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,225 shares of the industrial products company’s stock after selling 560 shares during the quarter. Mackenzie Financial Corp’s holdings in Avery Dennison were worth $2,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriprise Financial Inc. grew its position in Avery Dennison by 22.7% in 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 in the last quarter. 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 worth $326,673,000 after buying an additional 639,521 shares during the period. Cerity Partners LLC lifted its holdings in Avery Dennison by 4,159.9% during the 4th 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 in the last quarter. Truist Financial Corp boosted its position in Avery Dennison by 5.5% in the 3rd 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 during the period. Finally, Boston Partners grew its stake in shares of Avery Dennison by 43.9% in the third quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock worth $184,026,000 after acquiring an additional 307,325 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $211.77 on Tuesday. 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 Co. has a 1-year low of $158.93 and a 1-year high of $225.26. The stock has a market cap of $17.05 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 3.27 and a beta of 0.90. The firm has a fifty day moving average price of $215.07 and a 200 day moving average price of $199.73.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, hitting analysts’ consensus estimates of $2.16. The business 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 30.97% and a net margin of 6.01%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 earnings per share. As a group, sell-side analysts anticipate that Avery Dennison Co. will post 9.26 EPS for the current year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s payout ratio is currently 52.17%.

Insider Transactions at Avery Dennison

In related news, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction on Wednesday, February 7th. The shares were 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 approximately $1,014,940.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction, the director now owns 5,018 shares in the company, valued at $1,014,940.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,879 shares of company stock worth $4,217,705. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AVY shares. UBS Group lifted their target price on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Citigroup boosted their price objective on Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Truist Financial reaffirmed a “buy” rating and issued a $249.00 target price on shares of Avery Dennison in a report on Friday, January 19th. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Avery Dennison from $185.00 to $218.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Avery Dennison presently has a consensus rating of “Moderate Buy” and an average target price 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.