Avery Dennison Co. (NYSE:AVY) Holdings Lowered by Sky Investment Group LLC

Sky Investment Group LLC decreased its position in shares of Avery Dennison Co. (NYSE:AVY) by 1.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 14,695 shares of the industrial products company’s stock after selling 223 shares during the quarter. Sky Investment Group LLC’s holdings in Avery Dennison were worth $3,244,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AVY. Victory Capital Management Inc. lifted its holdings in shares of Avery Dennison by 2.1% in the second quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock valued at $290,050,000 after buying an additional 27,771 shares during the period. Boston Partners boosted its holdings in Avery Dennison by 3.6% during the first quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after buying an additional 35,538 shares in the last quarter. Meridiem Investment Management Ltd. grew its position in Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock worth $175,261,000 after buying an additional 5,756 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Avery Dennison by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after buying an additional 32,467 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Avery Dennison by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after purchasing an additional 17,158 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Nicolaus assumed coverage on Avery Dennison in a report on Tuesday, July 9th. They set a “buy” rating and a $274.60 price objective on the stock. Barclays initiated coverage on shares of Avery Dennison in a research note on Monday, October 7th. They set an “overweight” rating and a $250.00 target price on the stock. UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price target for the company from $262.00 to $235.00 in a report on Thursday, July 25th. Citigroup reduced their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $252.00 target price (down previously from $254.00) on shares of Avery Dennison in a research report on Thursday, September 19th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.78.

Avery Dennison Stock Down 1.6 %

AVY stock traded down $3.51 during trading hours on Tuesday, hitting $211.90. The company’s stock had a trading volume of 73,852 shares, compared to its average volume of 457,377. The company has a market capitalization of $17.07 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.78 and a beta of 0.88. The stock has a 50 day moving average price of $216.96 and a two-hundred day moving average price of $218.74. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89. Avery Dennison Co. has a 12 month low of $165.21 and a 12 month high of $233.48.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share 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 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 firm’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned $1.92 EPS. On average, equities research analysts expect that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The company 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 1.66%. The ex-dividend date of this dividend was Wednesday, September 4th. Avery Dennison’s payout ratio is 51.39%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction on 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 owns 304,114 shares in the company, valued at $61,719,936.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at $61,719,936.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the transaction, the chairman now directly owns 304,114 shares in the company, valued at $64,745,870.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is owned by insiders.

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.