Avery Dennison Co. (NYSE:AVY) Short Interest Down 8.0% in November

Avery Dennison Co. (NYSE:AVY) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,840,000 shares, a drop of 8.0% from the October 31st total of 2,000,000 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average daily volume of 532,700 shares, the short-interest ratio is currently 3.5 days.

Analysts Set New Price Targets

A number of research analysts have weighed in on AVY shares. Citigroup reduced their target price on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. Barclays decreased their target price on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price target for the company from $230.00 to $210.00 in a report on Thursday, October 24th. BMO Capital Markets lowered their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, StockNews.com lowered Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus price target of $244.96.

Insider Transactions at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Avery Dennison

Several institutional investors have recently added to or reduced their stakes in AVY. Franklin Resources Inc. boosted its holdings in shares of Avery Dennison by 5.4% during the third quarter. Franklin Resources Inc. now owns 295,361 shares of the industrial products company’s stock worth $65,133,000 after purchasing an additional 15,159 shares during the period. Tidal Investments LLC lifted its holdings in Avery Dennison by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 5,957 shares of the industrial products company’s stock worth $1,315,000 after buying an additional 716 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of Avery Dennison by 384.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 6,203 shares of the industrial products company’s stock worth $1,369,000 after buying an additional 4,923 shares during the last quarter. World Investment Advisors LLC increased its stake in shares of Avery Dennison by 17.4% during the third quarter. World Investment Advisors LLC now owns 3,953 shares of the industrial products company’s stock valued at $873,000 after buying an additional 587 shares during the period. Finally, Anchor Investment Management LLC raised its holdings in shares of Avery Dennison by 256.3% during the third quarter. Anchor Investment Management LLC now owns 766 shares of the industrial products company’s stock valued at $169,000 after acquiring an additional 551 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 NYSE AVY traded up $0.46 during trading hours on Wednesday, reaching $204.77. 128,039 shares of the stock traded hands, compared to its average volume of 472,024. The company has a market capitalization of $16.45 billion, a P/E ratio of 24.62, a price-to-earnings-growth ratio of 1.58 and a beta of 0.87. The company’s 50-day simple moving average is $209.34 and its two-hundred day simple moving average is $215.70. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. Avery Dennison has a 52-week low of $190.04 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.10 EPS. Equities research analysts forecast that Avery Dennison will post 9.42 EPS for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.72%. Avery Dennison’s dividend payout ratio (DPR) is currently 42.26%.

About Avery Dennison

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.