Edgestream Partners L.P. Grows Stock Position in Avery Dennison Co. (NYSE:AVY)

Edgestream Partners L.P. grew its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 153.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,310 shares of the industrial products company’s stock after buying an additional 12,886 shares during the quarter. Edgestream Partners L.P.’s holdings in Avery Dennison were worth $3,988,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVY. Raymond James Financial Inc. purchased a new position in shares of Avery Dennison during the 4th quarter valued at approximately $51,521,000. Geode Capital Management LLC boosted its stake in shares of Avery Dennison by 8.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,088,516 shares of the industrial products company’s stock valued at $459,621,000 after buying an additional 157,754 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Avery Dennison by 21.4% during the 4th quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company’s stock valued at $143,078,000 after buying an additional 134,560 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Avery Dennison by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after buying an additional 90,250 shares during the last quarter. Finally, World Investment Advisors LLC boosted its stake in shares of Avery Dennison by 2,629.0% during the 3rd quarter. World Investment Advisors LLC now owns 91,857 shares of the industrial products company’s stock valued at $20,278,000 after buying an additional 88,491 shares during the last quarter. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on AVY. Raymond James reiterated an “outperform” rating and set a $208.00 target price (down from $218.00) on shares of Avery Dennison in a research note on Friday, January 31st. Robert W. Baird set a $220.00 price target on Avery Dennison in a research report on Friday, January 31st. Citigroup dropped their price target on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. Bank of America dropped their price target on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Truist Financial reissued a “buy” rating and set a $215.00 price target (down from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $222.51.

Avery Dennison Price Performance

Shares of NYSE AVY opened at $183.94 on Friday. Avery Dennison Co. has a 1-year low of $178.72 and a 1-year high of $233.48. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73. The business’s fifty day moving average price is $186.11 and its two-hundred day moving average price is $200.82. The firm has a market capitalization of $14.53 billion, a PE ratio of 21.09, a P/E/G ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last issued its earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. On average, research analysts expect that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is 40.37%.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 8,068 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $186.19, for a total transaction of $1,502,180.92. Following the transaction, the chairman now directly owns 316,300 shares of the company’s stock, valued at approximately $58,891,897. This trade represents a 2.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

About Avery Dennison

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.