Stoneridge Investment Partners LLC Purchases New Shares in Avery Dennison Co. (NYSE:AVY)

Stoneridge Investment Partners LLC acquired a new position in Avery Dennison Co. (NYSE:AVY) during the third quarter, HoldingsChannel reports. The fund acquired 1,556 shares of the industrial products company’s stock, valued at approximately $344,000.

Several other large investors also recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in Avery Dennison by 2.1% during the 2nd quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock worth $290,050,000 after buying an additional 27,771 shares in the last quarter. Boston Partners raised its stake in shares of Avery Dennison by 3.6% in the first quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after acquiring an additional 35,538 shares during the last quarter. Meridiem Investment Management Ltd. lifted its position in shares of Avery Dennison by 0.7% during the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock worth $175,261,000 after purchasing an additional 5,756 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Avery Dennison by 4.3% during the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after purchasing an additional 32,467 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Avery Dennison by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock valued at $141,297,000 after purchasing an additional 17,158 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY stock opened at $205.57 on Tuesday. The firm has a market capitalization of $16.52 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 1.58 and a beta of 0.89. Avery Dennison Co. has a 12-month low of $176.75 and a 12-month high of $233.48. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The firm has a fifty day moving average of $215.67 and a 200-day moving average of $218.28.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the company earned $2.10 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Avery Dennison Co. will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Wednesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 3,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $206.80, for a total value of $620,400.00. Following the sale, the chairman now directly owns 304,114 shares of the company’s stock, valued at approximately $62,890,775.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $211.91, for a total value of $2,119,100.00. Following the sale, the chairman now directly owns 304,114 shares in the company, valued at $64,444,797.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $206.80, for a total transaction of $620,400.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at $62,890,775.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,108 shares of company stock valued at $9,798,737 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

AVY has been the topic of a number of recent research reports. Stifel Nicolaus assumed coverage on Avery Dennison in a research report on Tuesday, July 9th. They issued a “buy” rating and a $274.60 price objective on the stock. Truist Financial lifted their price objective on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and upped their target price for the company from $207.00 to $250.00 in a research report on Thursday, October 17th. BMO Capital Markets lowered their price target on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Avery Dennison presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.96.

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.