Investors Purchase Large Volume of Put Options on Avery Dennison (NYSE:AVY)

Avery Dennison Co. (NYSE:AVY) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 8,480 put options on the company. This is an increase of approximately 3,278% compared to the typical daily volume of 251 put options.

Analyst Ratings Changes

AVY has been the topic of a number of analyst reports. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Citigroup dropped their price target on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Truist Financial dropped their price target on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. BMO Capital Markets dropped their price target on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. lowered shares of Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.05.

Avery Dennison Price Performance

Shares of AVY stock traded up $1.45 during mid-day trading on Wednesday, reaching $190.76. The stock had a trading volume of 43,795 shares, compared to its average volume of 531,647. Avery Dennison has a 12-month low of $181.99 and a 12-month high of $233.48. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. The business has a 50-day simple moving average of $195.92 and a 200 day simple moving average of $208.30. The company has a market cap of $15.33 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The company had revenue of $2.18 billion during 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 quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.10 earnings per share. On average, sell-side analysts anticipate that Avery Dennison will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a $0.88 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.85%. Avery Dennison’s dividend payout ratio is currently 42.26%.

Insider Buying and Selling

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Avery Dennison

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in 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 purchasing an additional 71 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Avery Dennison during the third quarter worth $36,000. Peterson Financial Group Inc. purchased a new stake in shares of Avery Dennison in the third quarter valued at $39,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Avery Dennison during the 2nd quarter worth about $42,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors 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.