Avery Dennison Co. (NYSE:AVY) Short Interest Up 12.8% in September

Avery Dennison Co. (NYSE:AVY) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 2,020,000 shares, an increase of 12.8% from the September 15th total of 1,790,000 shares. Approximately 2.6% of the company’s shares are short sold. Based on an average daily trading volume, of 500,500 shares, the days-to-cover ratio is presently 4.0 days.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVY. Citigroup dropped their price objective on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Stifel Nicolaus began coverage on Avery Dennison in a research note on Tuesday, July 9th. They set a “buy” rating and a $274.60 target price for the company. BMO Capital Markets reissued an “outperform” rating and set a $252.00 target price (down from $254.00) on shares of Avery Dennison in a research note on Thursday, September 19th. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $262.00 to $235.00 in a research note on Thursday, July 25th. Finally, Truist Financial boosted their target price on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $242.96.

Avery Dennison Trading Down 2.3 %

Shares of Avery Dennison stock opened at $214.91 on Thursday. Avery Dennison has a fifty-two week low of $165.21 and a fifty-two week high of $233.48. The firm has a market cap of $17.31 billion, a PE ratio of 31.37, a P/E/G ratio of 1.78 and a beta of 0.88. The business’s fifty day moving average is $216.39 and its two-hundred day moving average is $218.83. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 0.89.

Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.16. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.18 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company posted $1.92 EPS. Analysts anticipate that Avery Dennison will post 9.41 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th were issued a $0.88 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.64%. Avery Dennison’s dividend payout ratio is currently 51.39%.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $202.95, for a total transaction of $608,850.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $61,719,936.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Avery Dennison news, Chairman Mitchell R. Butier sold 7,108 shares of Avery Dennison stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the sale, the chairman now owns 304,114 shares in the company, valued at $66,333,345.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mitchell R. Butier sold 3,000 shares of Avery Dennison stock in a transaction on Monday, August 5th. The shares were sold at an average price of $202.95, for a total value of $608,850.00. Following the completion of the sale, the chairman now owns 304,114 shares in the company, valued at $61,719,936.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,108 shares of company stock worth $12,545,087. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Avery Dennison

A number of hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its holdings in shares of Avery Dennison by 2.1% during the second quarter. Victory Capital Management Inc. now owns 1,326,548 shares of the industrial products company’s stock valued at $290,050,000 after buying an additional 27,771 shares during the last quarter. Boston Partners grew its position in Avery Dennison by 3.6% in the first quarter. Boston Partners now owns 1,019,802 shares of the industrial products company’s stock worth $227,660,000 after buying an additional 35,538 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Avery Dennison by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock worth $172,254,000 after buying an additional 32,467 shares during the last quarter. Bank of New York Mellon Corp grew its position in Avery Dennison by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock worth $141,297,000 after buying an additional 17,158 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Avery Dennison by 1.2% in the second quarter. Envestnet Asset Management Inc. now owns 590,320 shares of the industrial products company’s stock worth $129,074,000 after buying an additional 6,773 shares during the last quarter. Institutional investors own 94.17% of the company’s stock.

Avery Dennison Company 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.