Cornercap Investment Counsel Inc. Takes Position in Avery Dennison Co. (NYSE:AVY)

Cornercap Investment Counsel Inc. bought a new stake in shares of Avery Dennison Co. (NYSE:AVY) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 7,012 shares of the industrial products company’s stock, valued at approximately $1,548,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc increased its stake in Avery Dennison by 5.0% during the 3rd quarter. CIBC Asset Management Inc now owns 15,595 shares of the industrial products company’s stock worth $3,443,000 after buying an additional 742 shares during the period. OneDigital Investment Advisors LLC purchased a new stake in shares of Avery Dennison during the third quarter worth about $207,000. Metis Global Partners LLC lifted its stake in shares of Avery Dennison by 21.6% in the third quarter. Metis Global Partners LLC now owns 7,311 shares of the industrial products company’s stock worth $1,614,000 after acquiring an additional 1,297 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in shares of Avery Dennison by 76.2% during the 3rd quarter. Zions Bancorporation N.A. now owns 3,283 shares of the industrial products company’s stock valued at $725,000 after buying an additional 1,420 shares during the last quarter. Finally, Huntington National Bank increased its position in shares of Avery Dennison by 3.1% in the 3rd quarter. Huntington National Bank now owns 3,331 shares of the industrial products company’s stock worth $735,000 after purchasing an additional 99 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on the company. Truist Financial upped their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Bank of America raised shares of Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Citigroup cut 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. Barclays dropped their price target on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. lowered Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $230.00 to $210.00 in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $244.96.

Avery Dennison Stock Performance

AVY opened at $199.91 on Friday. Avery Dennison Co. has a 1-year low of $186.66 and a 1-year high of $233.48. The company has a market capitalization of $16.06 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 1.56 and a beta of 0.89. The business has a 50 day moving average price of $213.55 and a two-hundred day moving average price of $217.79. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The business had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the business posted $2.10 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. Research analysts predict that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued 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 dividend yield of 1.76%. Avery Dennison’s payout ratio is currently 42.26%.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 19th. The shares were 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 approximately $64,745,870.60. The trade was a 3.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 27,108 shares of company stock worth $5,821,497. Corporate insiders own 1.10% of the company’s stock.

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.