Weiss Asset Management LP Makes New $3.80 Million Investment in Avery Dennison Co. (NYSE:AVY)

Weiss Asset Management LP acquired a new stake in shares of Avery Dennison Co. (NYSE:AVY – Get Rating) during the third quarter, HoldingsChannel reports. The fund acquired 23,325 shares of the industrial products company’s stock, valued at approximately $3,795,000.

A number of other hedge funds also recently made changes to their positions in AVY. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Avery Dennison by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,078 shares of the industrial products company’s stock valued at $1,927,000 after purchasing an additional 686 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Avery Dennison by 28.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 46,710 shares of the industrial products company’s stock valued at $8,530,000 after purchasing an additional 10,370 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Avery Dennison by 0.5% during the 1st quarter. Yousif Capital Management LLC now owns 12,732 shares of the industrial products company’s stock valued at $2,215,000 after buying an additional 65 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Avery Dennison by 61.4% in the 1st quarter. Raymond James Trust N.A. now owns 4,968 shares of the industrial products company’s stock worth $864,000 after buying an additional 1,889 shares during the period. Finally, Blair William & Co. IL increased its stake in Avery Dennison by 2.2% in the 1st quarter. Blair William & Co. IL now owns 8,215 shares of the industrial products company’s stock worth $1,429,000 after buying an additional 173 shares in the last quarter. 89.05% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVY. UBS Group upped their price objective on Avery Dennison from $183.00 to $194.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 11th. Raymond James upped their price target on Avery Dennison from $190.00 to $205.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 25th. StockNews.com assumed coverage on shares of Avery Dennison in a research report on Thursday. They set a “hold” rating on the stock. BMO Capital Markets lowered their target price on shares of Avery Dennison from $240.00 to $233.00 and set an “outperform” rating on the stock in a report on Monday, February 6th. Finally, Truist Financial cut their target price on shares of Avery Dennison from $229.00 to $223.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $207.10.

Insider Buying and Selling

In other news, Director Andres Alberto Lopez sold 5,800 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $182.00, for a total value of $1,055,600.00. Following the sale, the director now owns 1,315 shares of the company’s stock, valued at $239,330. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Nicholas Colisto sold 3,842 shares of the stock in a transaction that occurred 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 sale, the senior vice president now directly owns 7,978 shares in the company, valued at $1,439,470.54. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Andres Alberto Lopez sold 5,800 shares of the business’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $182.00, for a total value of $1,055,600.00. Following the transaction, the director now owns 1,315 shares of the company’s stock, valued at approximately $239,330. The disclosure for this sale can be found here. Insiders sold a total of 10,458 shares of company stock worth $1,898,948 over the last three months. 1.00% of the stock is owned by insiders.

Avery Dennison Price Performance

Avery Dennison stock opened at $166.47 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 market cap of $13.50 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.64 and a beta of 0.98. The firm’s fifty day moving average is $183.52 and its 200 day moving average is $180.30. The company has a quick ratio of 0.63, a current ratio of 0.99 and a debt-to-equity ratio of 1.23.

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

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $3.00 annualized dividend and a yield of 1.80%. Avery Dennison’s payout ratio is presently 32.57%.

Avery Dennison Profile

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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.