Teachers Retirement System of The State of Kentucky Makes New Investment in Avery Dennison Co. (NYSE:AVY)

Teachers Retirement System of The State of Kentucky bought a new stake in Avery Dennison Co. (NYSE:AVY – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,843 shares of the industrial products company’s stock, valued at approximately $12,014,000.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Avery Dennison by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 9,776,843 shares of the industrial products company’s stock worth $1,590,693,000 after buying an additional 47,300 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Avery Dennison by 7.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,398,230 shares of the industrial products company’s stock worth $1,035,681,000 after acquiring an additional 437,559 shares in the last quarter. Lazard Asset Management LLC grew its stake in Avery Dennison by 48.0% in the first quarter. Lazard Asset Management LLC now owns 1,748,006 shares of the industrial products company’s stock valued at $304,099,000 after purchasing an additional 566,938 shares in the last quarter. JPMorgan Chase & Co. increased its position in Avery Dennison by 15.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,217,658 shares of the industrial products company’s stock worth $197,103,000 after purchasing an additional 158,931 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of Avery Dennison by 16.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,124,442 shares of the industrial products company’s stock worth $182,947,000 after purchasing an additional 162,364 shares in the last quarter. 89.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Nicholas Colisto sold 3,842 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $180.43, for a total value of $693,212.06. Following the completion of the sale, the senior vice president now owns 7,978 shares in the company, valued at $1,439,470.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Anthony Anderson sold 816 shares of the business’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $183.99, for a total transaction of $150,135.84. Following the sale, the director now directly owns 558 shares in the company, valued at $102,666.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Nicholas Colisto sold 3,842 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $180.43, for a total value of $693,212.06. Following the completion of the transaction, the senior vice president now directly owns 7,978 shares of the company’s stock, valued at $1,439,470.54. The disclosure for this sale can be found here. Insiders have sold 10,458 shares of company stock worth $1,898,948 in the last ninety days. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on AVY shares. Bank of America upgraded Avery Dennison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $200.00 to $205.00 in a report on Thursday, December 15th. Raymond James raised their price target on shares of Avery Dennison from $190.00 to $205.00 and gave the company an “outperform” rating in a report on Wednesday, January 25th. Truist Financial decreased their price objective on shares of Avery Dennison from $229.00 to $223.00 and set a “buy” rating for the company in a report on Friday, February 3rd. UBS Group raised their target price on Avery Dennison from $183.00 to $194.00 and gave the company a “neutral” rating in a report on Wednesday, January 11th. Finally, StockNews.com initiated coverage on Avery Dennison in a research report on Thursday. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $207.10.

Avery Dennison Trading Up 0.3 %

Shares of NYSE:AVY opened at $171.71 on Friday. Avery Dennison Co. has a 52-week low of $151.62 and a 52-week high of $204.37. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.63 and a current ratio of 0.99. The company has a market cap of $13.93 billion, a P/E ratio of 18.64, a P/E/G ratio of 2.64 and a beta of 0.98. The stock’s 50-day moving average is $183.96 and its 200-day moving average is $180.46.

Avery Dennison (NYSE:AVY – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $1.65 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.45). Avery Dennison had a return on equity of 38.05% and a net margin of 8.38%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the firm earned $2.13 earnings per share. The business’s quarterly revenue was down 7.2% on a year-over-year basis. Equities research analysts predict that Avery Dennison Co. will post 9.27 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were given a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $3.00 annualized dividend and a yield of 1.75%. Avery Dennison’s dividend payout ratio is 32.57%.

About Avery Dennison

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Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the Materials and Solutions Group segments. The Materials Group segment manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.