Public Employees Retirement Association of Colorado Cuts Position in Avery Dennison Co. (NYSE:AVY)

Public Employees Retirement Association of Colorado trimmed its position in Avery Dennison Co. (NYSE:AVY) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,368 shares of the industrial products company’s stock after selling 75 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Avery Dennison were worth $1,781,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. TD Asset Management Inc grew its stake in shares of Avery Dennison by 1.7% in the second quarter. TD Asset Management Inc now owns 302,905 shares of the industrial products company’s stock valued at $52,039,000 after buying an additional 4,968 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Avery Dennison by 17.5% in the second quarter. Intech Investment Management LLC now owns 91,555 shares of the industrial products company’s stock valued at $15,729,000 after buying an additional 13,651 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Avery Dennison by 2.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,079 shares of the industrial products company’s stock valued at $2,419,000 after buying an additional 353 shares in the last quarter. Veritas Investment Partners UK Ltd. grew its stake in shares of Avery Dennison by 1.5% in the second quarter. Veritas Investment Partners UK Ltd. now owns 660,570 shares of the industrial products company’s stock valued at $113,466,000 after buying an additional 9,885 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Avery Dennison by 14.6% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 68,224 shares of the industrial products company’s stock valued at $11,721,000 after purchasing an additional 8,701 shares in the last quarter. 91.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Ignacio J. Walker sold 403 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $180.33, for a total value of $72,672.99. Following the sale, the senior vice president now owns 11,102 shares of the company’s stock, valued at approximately $2,002,023.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Avery Dennison news, SVP Ignacio J. Walker sold 403 shares of Avery Dennison stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $180.33, for a total transaction of $72,672.99. Following the sale, the senior vice president now owns 11,102 shares of the company’s stock, valued at approximately $2,002,023.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Julia A. Stewart sold 5,633 shares of Avery Dennison stock in a transaction on Monday, August 28th. The shares were sold at an average price of $186.14, for a total value of $1,048,526.62. Following the sale, the director now directly owns 10,329 shares in the company, valued at approximately $1,922,640.06. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Shares of AVY opened at $189.17 on Friday. The firm has a market cap of $15.23 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 3.26 and a beta of 0.91. Avery Dennison Co. has a 52 week low of $158.93 and a 52 week high of $195.95. The company has a current ratio of 1.03, a quick ratio of 0.68 and a debt-to-equity ratio of 1.26. The stock has a 50 day moving average of $180.27 and a 200-day moving average of $176.76.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.03. The business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.17 billion. Avery Dennison had a return on equity of 29.38% and a net margin of 5.83%. The business’s revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the business posted $2.46 EPS. As a group, analysts forecast that Avery Dennison Co. will post 7.86 EPS for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, December 5th. Avery Dennison’s dividend payout ratio (DPR) is 54.45%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup raised their price objective on Avery Dennison from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, October 13th. Truist Financial lowered their price objective on Avery Dennison from $215.00 to $209.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. StockNews.com assumed coverage on Avery Dennison in a research note on Thursday, October 5th. They set a “hold” rating for the company. Loop Capital raised their price objective on Avery Dennison from $201.00 to $214.00 and gave the company a “buy” rating in a research note on Thursday, September 21st. Finally, BMO Capital Markets lifted their target price on Avery Dennison from $200.00 to $211.00 and gave the stock an “outperform” rating in a research report on Monday, September 25th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $207.25.

About Avery Dennison

Avery Dennison Corporation operates as materials science and digital identification solutions company. It provides branding and information labeling solutions, including pressure-sensitive materials, radio-frequency identification (RFID) inlays and tags, and various converted products and solutions. The company designs and manufactures a range of labeling and functional materials that enhance branded packaging, carry or display information that connects the physical and the digital, and improve customers' product performance.