Victory Capital Management Inc. Sells 66,927 Shares of Avery Dennison Co. (NYSE:AVY)

Victory Capital Management Inc. cut its stake in Avery Dennison Co. (NYSE:AVY) by 4.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,349,871 shares of the industrial products company’s stock after selling 66,927 shares during the period. Victory Capital Management Inc.’s holdings in Avery Dennison were worth $252,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Keybank National Association OH increased its position in Avery Dennison by 26.0% during the fourth quarter. Keybank National Association OH now owns 2,367 shares of the industrial products company’s stock worth $443,000 after acquiring an additional 488 shares during the period. Commerzbank Aktiengesellschaft FI bought a new position in Avery Dennison during the fourth quarter worth about $386,000. Bahl & Gaynor Inc. increased its position in Avery Dennison by 19.7% during the fourth quarter. Bahl & Gaynor Inc. now owns 339,349 shares of the industrial products company’s stock worth $63,502,000 after acquiring an additional 55,810 shares during the period. Charles Schwab Investment Management Inc. increased its position in Avery Dennison by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 699,091 shares of the industrial products company’s stock worth $130,821,000 after acquiring an additional 10,674 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its position in Avery Dennison by 15.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,340 shares of the industrial products company’s stock worth $251,000 after acquiring an additional 175 shares during the period. 94.17% of the stock is owned by institutional investors.

Avery Dennison Trading Down 2.6 %

AVY opened at $181.05 on Wednesday. The company’s 50 day moving average is $186.47 and its 200-day moving average is $201.36. Avery Dennison Co. has a 1-year low of $178.72 and a 1-year high of $233.48. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10. The company has a market cap of $14.30 billion, a P/E ratio of 20.76, a PEG ratio of 2.07 and a beta of 0.89.

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 analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Equities research analysts predict that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 annualized dividend and a yield of 1.94%. Avery Dennison’s dividend payout ratio is presently 40.37%.

Analysts Set New Price Targets

AVY has been the topic of a number of recent research reports. Barclays lowered their price target on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Raymond James reissued an “outperform” rating and issued a $208.00 target price (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Truist Financial reissued a “buy” rating and issued a $215.00 target price (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. UBS Group decreased their target price on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. raised shares of Avery Dennison from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $210.00 to $205.00 in a report on Friday, January 31st. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $222.51.

Avery Dennison Company 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.