Avery Dennison Co. (NYSE:AVY) Short Interest Update

Avery Dennison Co. (NYSE:AVY) was the recipient of a large drop in short interest in February. As of February 15th, there was short interest totalling 1,540,000 shares, a drop of 19.8% from the January 31st total of 1,920,000 shares. Based on an average daily trading volume, of 659,500 shares, the days-to-cover ratio is presently 2.3 days. Approximately 2.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $215.00 price target (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. BMO Capital Markets set a $226.00 price target on shares of Avery Dennison in a research note on Monday, February 3rd. Raymond James reaffirmed an “outperform” rating and issued a $208.00 price target (down from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. Barclays decreased their price target on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $222.51.

Avery Dennison Trading Down 2.6 %

Shares of NYSE AVY traded down $4.87 during midday trading on Tuesday, reaching $181.05. 980,386 shares of the stock were exchanged, compared to its average volume of 724,644. The company has a 50 day simple moving average of $186.47 and a 200 day simple moving average of $201.36. The stock has a market capitalization of $14.30 billion, a P/E ratio of 20.76, a PEG ratio of 2.07 and a beta of 0.89. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison has a twelve month low of $178.72 and a twelve month high of $233.48.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. As a group, equities analysts expect that Avery Dennison will post 9.96 earnings per share for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.88 per share. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.94%. Avery Dennison’s dividend payout ratio is currently 40.37%.

Institutional Trading of Avery Dennison

A number of hedge funds and other institutional investors have recently made changes to their positions in AVY. Larson Financial Group LLC increased its holdings in shares of Avery Dennison by 100.0% during the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after buying an additional 71 shares during the last quarter. Kennebec Savings Bank acquired a new stake in Avery Dennison in the 3rd quarter valued at approximately $36,000. Regents Gate Capital LLP acquired a new stake in Avery Dennison in the 4th quarter valued at approximately $37,000. Peterson Financial Group Inc. acquired a new stake in Avery Dennison in the 3rd quarter valued at approximately $39,000. Finally, Spire Wealth Management increased its holdings in Avery Dennison by 76.0% in the 4th quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

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.