APG Asset Management N.V. Grows Holdings in Avery Dennison Co. (NYSE:AVY)

APG Asset Management N.V. raised its position in shares of Avery Dennison Co. (NYSE:AVY) by 205.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,919 shares of the industrial products company’s stock after purchasing an additional 6,000 shares during the quarter. APG Asset Management N.V.’s holdings in Avery Dennison were worth $1,820,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AVY. Innealta Capital LLC purchased a new position in shares of Avery Dennison during the 2nd quarter valued at $28,000. Ashton Thomas Private Wealth LLC bought a new stake in Avery Dennison during the second quarter valued at about $42,000. 1620 Investment Advisors Inc. purchased a new position in shares of Avery Dennison in the second quarter valued at about $51,000. Palisade Asset Management LLC bought a new position in shares of Avery Dennison in the first quarter worth about $64,000. Finally, Versant Capital Management Inc grew its position in shares of Avery Dennison by 936.7% during the second quarter. Versant Capital Management Inc now owns 311 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 281 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors.

Avery Dennison Trading Down 0.7 %

AVY opened at $220.76 on Tuesday. Avery Dennison Co. has a 12 month low of $165.21 and a 12 month high of $233.48. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89. The stock has a 50-day moving average of $215.32 and a 200 day moving average of $218.98. The firm has a market cap of $17.78 billion, a P/E ratio of 32.23, a P/E/G ratio of 1.78 and a beta of 0.88.

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

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were issued a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.59%. Avery Dennison’s dividend payout ratio (DPR) is presently 51.39%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Mitchell R. Butier sold 10,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total value of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The disclosure for this sale can be found here. Insiders sold a total of 59,108 shares of company stock valued at $12,545,087 over the last 90 days. Insiders own 1.10% of the company’s stock.

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.