Nordea Investment Management AB Has $1.37 Million Stake in Avery Dennison Co. (NYSE:AVY)

Nordea Investment Management AB grew its stake in Avery Dennison Co. (NYSE:AVY) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,089 shares of the industrial products company’s stock after purchasing an additional 187 shares during the period. Nordea Investment Management AB’s holdings in Avery Dennison were worth $1,367,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Avery Dennison by 5.9% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,959 shares of the industrial products company’s stock valued at $437,000 after acquiring an additional 110 shares in the last quarter. Hunter Associates Investment Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter valued at about $206,000. Palisade Asset Management LLC acquired a new stake in shares of Avery Dennison during the 1st quarter valued at about $64,000. Janney Montgomery Scott LLC boosted its position in shares of Avery Dennison by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 151,243 shares of the industrial products company’s stock valued at $33,765,000 after acquiring an additional 893 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Avery Dennison by 34.0% during the 1st quarter. BNP Paribas Financial Markets now owns 107,808 shares of the industrial products company’s stock valued at $24,068,000 after acquiring an additional 27,380 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVY. UBS Group decreased their target price on shares of Avery Dennison from $260.00 to $252.00 and set a “buy” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Avery Dennison from $218.00 to $220.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Raymond James reissued an “outperform” rating and set a $240.00 price target (up from $225.00) on shares of Avery Dennison in a report on Thursday, April 25th. Citigroup lifted their price target on shares of Avery Dennison from $230.00 to $241.00 and gave the company a “neutral” rating in a report on Monday. Finally, Truist Financial lifted their price target on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Avery Dennison has a consensus rating of “Moderate Buy” and an average price target of $237.15.

Insider Activity at Avery Dennison

In related news, CFO Gregory Lovins sold 2,894 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $227.20, for a total transaction of $657,516.80. Following the completion of the transaction, the chief financial officer now owns 67,457 shares in the company, valued at $15,326,230.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Ignacio J. Walker sold 2,206 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $226.70, for a total value of $500,100.20. Following the completion of the transaction, the senior vice president now owns 7,082 shares in the company, valued at $1,605,489.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gregory Lovins sold 2,894 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $227.20, for a total transaction of $657,516.80. Following the completion of the transaction, the chief financial officer now owns 67,457 shares of the company’s stock, valued at approximately $15,326,230.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,583 shares of company stock worth $2,856,353. 1.10% of the stock is currently owned by company insiders.

Avery Dennison Stock Up 0.6 %

Shares of NYSE:AVY opened at $217.84 on Friday. Avery Dennison Co. has a one year low of $165.21 and a one year high of $231.53. The company has a 50 day moving average of $224.10 and a 200-day moving average of $214.38. 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 cap of $17.55 billion, a price-to-earnings ratio of 31.80, a P/E/G ratio of 1.98 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.15 by $0.14. The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. On average, sell-side analysts forecast that Avery Dennison Co. will post 9.32 earnings per share for the current year.

Avery Dennison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Wednesday, June 5th were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $3.52 dividend on an annualized basis and a yield of 1.62%. This is a boost from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s payout ratio is currently 51.39%.

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.