Connor Clark & Lunn Investment Management Ltd. Invests $2.36 Million in Avery Dennison Co. (NYSE:AVY)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Avery Dennison Co. (NYSE:AVY) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 12,597 shares of the industrial products company’s stock, valued at approximately $2,357,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings 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 worth $459,621,000 after purchasing an additional 157,754 shares during the period. Bank of New York Mellon Corp boosted its stake in Avery Dennison by 21.4% during the fourth quarter. Bank of New York Mellon Corp now owns 764,591 shares of the industrial products company’s stock worth $143,078,000 after buying an additional 134,560 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Avery Dennison by 0.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 699,541 shares of the industrial products company’s stock worth $154,431,000 after buying an additional 3,118 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Avery Dennison by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 699,091 shares of the industrial products company’s stock valued at $130,821,000 after acquiring an additional 10,674 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Avery Dennison by 0.8% in the 3rd quarter. Principal Financial Group Inc. now owns 617,611 shares of the industrial products company’s stock worth $136,338,000 after acquiring an additional 4,670 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the sale, the chairman now directly owns 303,331 shares of the company’s stock, valued at approximately $55,160,742.35. The trade was a 4.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.10% of the company’s stock.

Avery Dennison Trading Up 0.1 %

NYSE:AVY opened at $179.85 on Wednesday. The stock has a 50-day simple moving average of $185.19 and a 200-day simple moving average of $198.81. The stock has a market cap of $14.20 billion, a P/E ratio of 20.62, a P/E/G ratio of 2.07 and a beta of 0.85. Avery Dennison Co. has a 1 year low of $174.91 and a 1 year high of $233.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share (EPS) 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%. As a group, analysts anticipate that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Wednesday, March 5th. Avery Dennison’s payout ratio is currently 40.37%.

Wall Street Analysts Forecast Growth

AVY has been the subject of several research reports. Bank of America dropped their target price on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a report on Monday, January 6th. Truist Financial reaffirmed a “buy” rating and issued a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Barclays lowered their target price on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. JPMorgan Chase & Co. upgraded shares of Avery Dennison from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $210.00 to $205.00 in a research note on Friday, January 31st. Finally, Robert W. Baird set a $220.00 price objective on shares of Avery Dennison in a research note on Friday, January 31st. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $222.51.

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.