First Hawaiian Bank Sells 223 Shares of Avery Dennison Co. (NYSE:AVY)

First Hawaiian Bank lowered its position in shares of Avery Dennison Co. (NYSE:AVY) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,214 shares of the industrial products company’s stock after selling 223 shares during the period. First Hawaiian Bank’s holdings in Avery Dennison were worth $4,290,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Avery Dennison by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,237 shares of the industrial products company’s stock worth $276,000 after purchasing an additional 150 shares during the period. Nomura Holdings Inc. bought a new stake in Avery Dennison in the 4th quarter worth approximately $330,000. HighPoint Advisor Group LLC bought a new stake in Avery Dennison in the 4th quarter worth approximately $219,000. Walden Wealth Partners LLC bought a new stake in Avery Dennison in the 4th quarter worth approximately $286,000. Finally, Royal London Asset Management Ltd. grew its position in Avery Dennison by 1.8% in the 4th quarter. Royal London Asset Management Ltd. now owns 31,647 shares of the industrial products company’s stock worth $6,398,000 after purchasing an additional 545 shares during the period. Institutional investors own 94.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVY. JPMorgan Chase & Co. lifted their target price on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Raymond James reiterated an “outperform” rating and set a $240.00 price target (up previously from $225.00) on shares of Avery Dennison in a research note on Thursday, April 25th. Robert W. Baird lifted their price target on shares of Avery Dennison from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Truist Financial lifted their price target on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Citigroup lifted their price target on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $230.50.

Insider Transactions at Avery Dennison

In other news, SVP Ignacio J. Walker sold 2,206 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the sale, the senior vice president now directly owns 7,082 shares in the company, valued at approximately $1,605,489.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Ignacio J. Walker sold 2,206 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the sale, the senior vice president now directly owns 7,082 shares in the company, valued at approximately $1,605,489.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Francisco Melo sold 3,750 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $227.00, for a total transaction of $851,250.00. Following the transaction, the insider now owns 15,230 shares in the company, valued at $3,457,210. The disclosure for this sale can be found here. Insiders have sold a total of 12,583 shares of company stock worth $2,856,353 in the last three months. Insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY traded down $1.35 during trading hours on Wednesday, reaching $227.04. 499,615 shares of the stock traded hands, compared to its average volume of 368,746. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94. Avery Dennison Co. has a 52-week low of $163.83 and a 52-week high of $230.43. The company’s 50-day moving average price is $222.00 and its two-hundred day moving average price is $211.84. The company has a market cap of $18.29 billion, a P/E ratio of 33.14, a price-to-earnings-growth ratio of 2.10 and a beta of 0.91.

Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.14. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.15 billion. On average, analysts anticipate that Avery Dennison Co. will post 9.32 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be paid a $0.88 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $3.52 annualized dividend and a yield of 1.55%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is presently 51.39%.

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.