Huntington National Bank Grows Position in Avery Dennison Co. (NYSE:AVY)

Huntington National Bank increased its position in Avery Dennison Co. (NYSE:AVY) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,331 shares of the industrial products company’s stock after buying an additional 99 shares during the quarter. Huntington National Bank’s holdings in Avery Dennison were worth $735,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its holdings in Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after buying an additional 90,250 shares during the period. Boston Partners lifted its stake 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 acquiring an additional 35,538 shares during the period. Meridiem Investment Management Ltd. boosted its holdings in Avery Dennison by 0.7% in the third quarter. Meridiem Investment Management Ltd. now owns 794,092 shares of the industrial products company’s stock valued at $175,261,000 after acquiring an additional 5,756 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Avery Dennison by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 787,716 shares of the industrial products company’s stock valued at $172,254,000 after purchasing an additional 32,467 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Avery Dennison by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 646,223 shares of the industrial products company’s stock worth $141,297,000 after purchasing an additional 17,158 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AVY shares. BMO Capital Markets decreased their price target on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Citigroup lowered their target price 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. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $230.00 to $210.00 in a research note on Thursday, October 24th. Bank of America upgraded shares of Avery Dennison from an “underperform” rating to a “buy” rating and boosted their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Finally, Truist Financial increased their price target on shares of Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction on Monday, August 19th. The stock was sold at an average price of $212.90, for a total value of $2,129,000.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $64,745,870.60. The trade was a 3.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 27,108 shares of company stock worth $5,821,497. Insiders own 1.10% of the company’s stock.

Avery Dennison Stock Down 1.1 %

Avery Dennison stock opened at $197.73 on Friday. The firm has a market cap of $15.89 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 1.56 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12 month low of $186.66 and a 12 month high of $233.48. The stock has a fifty day simple moving average of $212.79 and a two-hundred day simple moving average of $217.52.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. Avery Dennison’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.10 EPS. Equities analysts predict that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is presently 42.26%.

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.