Norges Bank Invests $188.64 Million in Avery Dennison Co. (NYSE:AVY)

Norges Bank purchased a new position in Avery Dennison Co. (NYSE:AVY) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,008,084 shares of the industrial products company’s stock, valued at approximately $188,643,000. Norges Bank owned approximately 1.25% of Avery Dennison at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its stake in Avery Dennison by 485.2% in the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock worth $6,715,000 after purchasing an additional 29,541 shares in the last quarter. Meyer Handelman Co. purchased a new position in Avery Dennison during the fourth quarter worth approximately $4,263,000. JPMorgan Chase & Co. boosted its stake in Avery Dennison by 12.4% during the third quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock worth $92,771,000 after buying an additional 46,390 shares during the last quarter. Unigestion Holding SA purchased a new stake in Avery Dennison in the 3rd quarter valued at $6,701,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of Avery Dennison in the 4th quarter worth $218,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVY has been the subject of a number of analyst reports. Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a report on Friday, January 31st. Bank of America cut their price target on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a report on Monday, January 6th. UBS Group decreased their price objective on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Barclays cut their target price on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, Truist Financial reaffirmed a “buy” rating and issued a $215.00 price target (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus target price of $222.51.

Insider Activity at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 8,068 shares of Avery Dennison stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $186.19, for a total value of $1,502,180.92. Following the completion of the transaction, the chairman now owns 316,300 shares in the company, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.84% of the stock is currently owned by company insiders.

Avery Dennison Price Performance

AVY opened at $175.64 on Monday. The stock’s 50-day moving average price is $183.29 and its 200 day moving average price is $196.43. Avery Dennison Co. has a 12-month low of $173.02 and a 12-month high of $233.48. The firm has a market cap of $13.87 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 2.07 and a beta of 0.85. 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 issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. As a group, sell-side analysts expect that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s payout ratio is currently 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.