Avery Dennison Co. (NYSE:AVY) Stake Trimmed by Toronto Dominion Bank

Toronto Dominion Bank cut its position in shares of Avery Dennison Co. (NYSE:AVY) by 13.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,360 shares of the industrial products company’s stock after selling 6,193 shares during the quarter. Toronto Dominion Bank’s holdings in Avery Dennison were worth $8,606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in Avery Dennison in the 2nd quarter worth approximately $28,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Avery Dennison in the second quarter worth $42,000. 1620 Investment Advisors Inc. purchased a new position in shares of Avery Dennison during the second quarter valued at $51,000. Palisade Asset Management LLC acquired a new position in Avery Dennison during the first quarter valued at $64,000. Finally, Versant Capital Management Inc lifted its stake in Avery Dennison by 936.7% in the 2nd quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 281 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Up 0.3 %

Shares of Avery Dennison stock opened at $222.34 on Friday. Avery Dennison Co. has a 12-month low of $165.21 and a 12-month high of $233.48. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average price of $215.32 and a two-hundred day moving average price of $218.94. The stock has a market capitalization of $17.91 billion, a P/E ratio of 32.46, a PEG ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.16. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a net margin of 7.34% and a return on equity of 33.44%. Avery Dennison’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $1.92 EPS. Equities analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were paid a dividend of $0.88 per share. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 annualized dividend and a yield of 1.58%. Avery Dennison’s payout ratio is 51.39%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $214.21, for a total value of $2,142,100.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at $65,144,259.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $66,333,345.68. The disclosure for this sale can be found here. Insiders have sold 59,108 shares of company stock valued at $12,545,087 in the last 90 days. 1.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on AVY. Citigroup lifted their target price on Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a research note on Monday, July 8th. Robert W. Baird lifted their target price on shares of Avery Dennison from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Truist Financial upped their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Stifel Nicolaus began coverage on Avery Dennison in a research report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective for the company. Finally, UBS Group lowered Avery Dennison from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average target price of $242.36.

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.