Avery Dennison Co. (NYSE:AVY) Shares Sold by Delta Asset Management LLC TN

Delta Asset Management LLC TN lowered its position in Avery Dennison Co. (NYSE:AVY) by 1.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 111,278 shares of the industrial products company’s stock after selling 1,662 shares during the period. Avery Dennison comprises approximately 1.9% of Delta Asset Management LLC TN’s holdings, making the stock its 17th largest position. Delta Asset Management LLC TN’s holdings in Avery Dennison were worth $20,823,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Nordea Investment Management AB raised its stake in Avery Dennison by 485.2% during the 4th quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock valued at $6,715,000 after acquiring an additional 29,541 shares during the last quarter. Meyer Handelman Co. acquired a new position in shares of Avery Dennison in the fourth quarter valued at approximately $4,263,000. JPMorgan Chase & Co. raised its stake in shares of Avery Dennison by 12.4% during the third quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock worth $92,771,000 after purchasing an additional 46,390 shares during the last quarter. Unigestion Holding SA purchased a new position in Avery Dennison in the 3rd quarter valued at $6,701,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Avery Dennison in the 4th quarter valued at $218,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Avery Dennison Price Performance

Avery Dennison stock opened at $178.04 on Thursday. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10. The firm’s 50-day simple moving average is $183.85 and its 200 day simple moving average is $197.18. Avery Dennison Co. has a 52 week low of $173.02 and a 52 week high of $233.48. The firm has a market capitalization of $14.06 billion, a PE ratio of 20.42, a P/E/G ratio of 2.07 and a beta of 0.85.

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

Avery Dennison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s payout ratio is 40.37%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Raymond James reaffirmed an “outperform” rating and issued a $208.00 target price (down previously from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Bank of America lowered their price objective on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, January 6th. UBS Group cut their target price on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Truist Financial reaffirmed a “buy” rating and set a $215.00 price objective (down previously from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Finally, Citigroup reduced their target price on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $222.51.

Insider Transactions at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $181.85, for a total value of $2,358,412.65. Following the completion of the transaction, the chairman now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.84% 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.