Allstate Corp Makes New $429,000 Investment in Avery Dennison Co. (NYSE:AVY)

Allstate Corp acquired a new stake in Avery Dennison Co. (NYSE:AVY) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 2,295 shares of the industrial products company’s stock, valued at approximately $429,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Edgestream Partners L.P. raised its holdings in shares of Avery Dennison by 63.5% during the third quarter. Edgestream Partners L.P. now owns 8,424 shares of the industrial products company’s stock valued at $1,860,000 after purchasing an additional 3,272 shares during the period. Centiva Capital LP raised its stake in Avery Dennison by 73.0% during the 3rd quarter. Centiva Capital LP now owns 4,302 shares of the industrial products company’s stock worth $950,000 after buying an additional 1,816 shares during the period. Holocene Advisors LP bought a new position in Avery Dennison in the third quarter worth approximately $8,372,000. Hilltop Holdings Inc. acquired a new stake in Avery Dennison in the third quarter valued at approximately $390,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Avery Dennison by 3.4% during the third quarter. Janus Henderson Group PLC now owns 9,133 shares of the industrial products company’s stock valued at $2,016,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Insider Activity at Avery Dennison

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the sale, the chairman now directly owns 303,331 shares in the company, valued at $55,160,742.35. The trade was a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.84% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. BMO Capital Markets set a $226.00 target price on Avery Dennison in a report on Monday, February 3rd. UBS Group reduced their price objective on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Bank of America lowered their target price on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Robert W. Baird set a $220.00 price target on Avery Dennison in a research note on Friday, January 31st. Finally, Truist Financial reissued a “buy” rating and issued a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $222.51.

Avery Dennison Stock Up 0.6 %

AVY stock opened at $180.55 on Thursday. Avery Dennison Co. has a 1-year low of $173.02 and a 1-year high of $233.48. The stock has a market cap of $14.26 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.07 and a beta of 0.85. The stock’s fifty day simple moving average is $182.57 and its two-hundred day simple moving average is $195.76. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10.

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

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.95%. Avery Dennison’s dividend payout ratio (DPR) is presently 40.37%.

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.