PNC Financial Services Group Inc. Has $9.18 Million Stock Position in Avery Dennison Co. (NYSE:AVY)

PNC Financial Services Group Inc. cut its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 66.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,393 shares of the industrial products company’s stock after selling 89,530 shares during the quarter. PNC Financial Services Group Inc. owned about 0.06% of Avery Dennison worth $9,177,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Avery Dennison in the 3rd quarter valued at $32,000. Milestone Investment Advisors LLC acquired a new position in shares of Avery Dennison during the third quarter valued at about $36,000. Anchor Investment Management LLC bought a new stake in shares of Avery Dennison in the fourth quarter valued at about $42,000. VisionPoint Advisory Group LLC acquired a new stake in Avery Dennison during the fourth quarter worth about $42,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in Avery Dennison by 164.4% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 166 shares during the period. 94.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Ignacio J. Walker sold 5,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the sale, the senior vice president now owns 6,102 shares in the company, valued at $1,305,217.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Ignacio J. Walker sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $213.90, for a total value of $1,069,500.00. Following the transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at approximately $1,305,217.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Mitchell R. Butier sold 8,168 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the sale, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,212 shares of company stock valued at $4,652,269. 1.10% of the stock is currently owned by corporate insiders.

Avery Dennison Trading Up 0.0 %

AVY stock opened at $229.22 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.87 and a quick ratio of 0.58. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of 33.46, a P/E/G ratio of 2.11 and a beta of 0.91. The business has a fifty day moving average price of $219.08 and a 200 day moving average price of $206.41. Avery Dennison Co. has a fifty-two week low of $158.93 and a fifty-two week high of $229.98.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.14. Avery Dennison had a return on equity of 32.59% and a net margin of 6.56%. The business had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Analysts expect that Avery Dennison Co. will post 9.31 EPS for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Wednesday, June 5th. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is 47.30%.

Analysts Set New Price Targets

A number of analysts have commented on AVY shares. JPMorgan Chase & Co. raised their price objective on Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. StockNews.com upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. Argus increased their price objective on shares of Avery Dennison from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Raymond James reiterated an “outperform” rating and set a $240.00 target price (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Finally, Truist Financial increased their price target on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $228.50.

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.