Avery Dennison Co. (NYSE:AVY) Shares Sold by Bowen Hanes & Co. Inc.

Bowen Hanes & Co. Inc. decreased its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 17.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 239,455 shares of the industrial products company’s stock after selling 51,078 shares during the quarter. Bowen Hanes & Co. Inc.’s holdings in Avery Dennison were worth $44,809,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Larson Financial Group LLC grew its stake 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 valued at $31,000 after acquiring an additional 71 shares in the last quarter. Regents Gate Capital LLP acquired a new position in shares of Avery Dennison during the 4th quarter worth approximately $37,000. Peterson Financial Group Inc. purchased a new stake in shares of Avery Dennison in the third quarter valued at approximately $39,000. Spire Wealth Management lifted its position in Avery Dennison by 76.0% during the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock worth $56,000 after buying an additional 130 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in Avery Dennison during the third quarter worth $66,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total transaction 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. This represents a 4.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Down 1.6 %

Avery Dennison stock opened at $177.24 on Thursday. The company has a market capitalization of $14.00 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a fifty-two week low of $177.06 and a fifty-two week high of $233.48. The firm has a 50 day moving average price of $185.77 and a 200 day moving average price of $200.08.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data 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%. Research analysts expect that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $3.52 annualized dividend and a dividend yield of 1.99%. Avery Dennison’s dividend payout ratio is presently 40.37%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group cut their target price on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Bank of America cut their price objective on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Robert W. Baird set a $220.00 target price on shares of Avery Dennison in a report on Friday, January 31st. Truist Financial restated a “buy” rating and set a $215.00 price target (down previously from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Finally, Citigroup decreased their price objective on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Three research 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.com, the company has an average rating of “Moderate Buy” and an average target price of $222.51.

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.