Biechele Royce Advisors Trims Stock Position in Avery Dennison Co. (NYSE:AVY)

Biechele Royce Advisors lowered its holdings in Avery Dennison Co. (NYSE:AVY) by 4.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,614 shares of the industrial products company’s stock after selling 417 shares during the quarter. Avery Dennison accounts for 0.6% of Biechele Royce Advisors’ holdings, making the stock its 25th largest holding. Biechele Royce Advisors’ holdings in Avery Dennison were worth $1,902,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of AVY. Swedbank AB purchased a new stake in Avery Dennison in the first quarter valued at approximately $102,117,000. Jennison Associates LLC acquired a new position in Avery Dennison during the 1st quarter worth about $44,837,000. National Bank of Canada FI boosted its holdings in Avery Dennison by 795.2% during the 2nd quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock valued at $34,190,000 after acquiring an additional 142,348 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Avery Dennison by 179.5% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock valued at $47,258,000 after acquiring an additional 138,808 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its stake in Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after buying an additional 81,993 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $205.76, for a total value of $617,280.00. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $62,574,496.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction dated 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 sale, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,108 shares of company stock valued at $10,407,587. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Performance

Shares of AVY stock traded down $0.92 during trading hours on Friday, reaching $206.11. 389,108 shares of the company’s stock were exchanged, compared to its average volume of 466,778. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The company’s 50 day moving average is $215.91 and its two-hundred day moving average is $218.19. The company has a market cap of $16.56 billion, a P/E ratio of 24.75, a price-to-earnings-growth ratio of 1.60 and a beta of 0.88. Avery Dennison Co. has a 1 year low of $175.10 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the business posted $2.10 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that Avery Dennison Co. will post 9.41 EPS for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.71%. Avery Dennison’s payout ratio is 42.26%.

Wall Street Analysts Forecast Growth

AVY has been the topic of several analyst reports. Citigroup reduced their target price on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. UBS Group downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. Truist Financial increased their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and lifted their price target for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Finally, BMO Capital Markets cut their target price 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. 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.com, Avery Dennison presently has an average rating of “Moderate Buy” and an average price target of $244.96.

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.