Quarry LP Boosts Stock Holdings in Avery Dennison Co. (NYSE:AVY)

Quarry LP increased its position in Avery Dennison Co. (NYSE:AVY) by 1,814.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 536 shares of the industrial products company’s stock after acquiring an additional 508 shares during the period. Quarry LP’s holdings in Avery Dennison were worth $117,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVY. Cetera Investment Advisers lifted its holdings in shares of Avery Dennison by 195.2% during the first quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after purchasing an additional 11,811 shares in the last quarter. Natixis lifted its stake in Avery Dennison by 365.9% during the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock valued at $1,016,000 after acquiring an additional 3,575 shares during the period. Mediolanum International Funds Ltd bought a new position in Avery Dennison during the 1st quarter valued at about $2,935,000. SG Americas Securities LLC grew its stake in shares of Avery Dennison by 86.5% in the second quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock worth $7,114,000 after acquiring an additional 15,092 shares during the period. Finally, McElhenny Sheffield Capital Management LLC bought a new stake in shares of Avery Dennison in the second quarter worth approximately $543,000. 94.17% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s 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 transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction that occurred 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 directly 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 7,108 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Trading Down 0.4 %

Shares of NYSE:AVY opened at $219.84 on Wednesday. Avery Dennison Co. has a 12-month low of $165.21 and a 12-month high of $233.48. The company has a market cap of $17.71 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The stock has a 50 day moving average of $215.24 and a 200 day moving average of $219.04. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 0.89.

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

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date was Wednesday, September 4th. Avery Dennison’s dividend payout ratio (DPR) is 51.39%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVY. BMO Capital Markets restated an “outperform” rating and issued a $252.00 target price (down previously from $254.00) on shares of Avery Dennison in a report on Thursday, September 19th. Citigroup raised their price target on Avery Dennison from $230.00 to $241.00 and gave the stock a “neutral” rating in a research note on Monday, July 8th. Stifel Nicolaus started coverage on Avery Dennison in a report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 target price on the stock. Robert W. Baird raised their target price on Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, Truist Financial upped their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison currently has a consensus rating of “Moderate Buy” and an average price target of $242.36.

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.