Chevy Chase Trust Holdings LLC Cuts Position in Avery Dennison Co. (NYSE:AVY)

Chevy Chase Trust Holdings LLC reduced its stake in shares of Avery Dennison Co. (NYSE:AVY) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,247 shares of the industrial products company’s stock after selling 811 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Avery Dennison worth $9,547,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cetera Investment Advisers grew its holdings in shares of Avery Dennison by 195.2% in the 1st quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock worth $3,988,000 after acquiring an additional 11,811 shares during the period. Cetera Advisors LLC increased its position in shares of Avery Dennison by 204.2% in the first quarter. Cetera Advisors LLC now owns 4,225 shares of the industrial products company’s stock valued at $943,000 after buying an additional 2,836 shares in the last quarter. Simplicity Wealth LLC raised its stake in shares of Avery Dennison by 28.6% during the 2nd quarter. Simplicity Wealth LLC now owns 1,169 shares of the industrial products company’s stock worth $256,000 after buying an additional 260 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Avery Dennison by 12.4% in the 2nd quarter. QRG Capital Management Inc. now owns 5,151 shares of the industrial products company’s stock worth $1,126,000 after buying an additional 568 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in Avery Dennison by 86.5% in the 2nd quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock valued at $7,114,000 after acquiring an additional 15,092 shares during the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on AVY. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $230.00 to $210.00 in a report on Thursday, October 24th. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. BMO Capital Markets cut their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Barclays decreased their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Citigroup cut their target price on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $244.96.

Insider Transactions at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now owns 7,126 shares in the company, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.10% of the company’s stock.

Avery Dennison Stock Down 0.5 %

Shares of AVY opened at $203.29 on Friday. Avery Dennison Co. has a fifty-two week low of $190.04 and a fifty-two week high of $233.48. The company’s fifty day moving average is $208.68 and its two-hundred day moving average is $215.54. The firm has a market cap of $16.33 billion, a PE ratio of 24.40, a price-to-earnings-growth ratio of 1.58 and a beta of 0.87. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. 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 earned $2.10 earnings per share. Analysts forecast that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.73%. Avery Dennison’s dividend payout ratio is currently 42.26%.

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.