Penobscot Investment Management Company Inc. Sells 330 Shares of Avery Dennison Co. (NYSE:AVY)

Penobscot Investment Management Company Inc. reduced its position in Avery Dennison Co. (NYSE:AVY) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,832 shares of the industrial products company’s stock after selling 330 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Avery Dennison were worth $1,840,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AVY. Larson Financial Group LLC grew its holdings in shares of Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after buying an additional 71 shares during the last quarter. Regents Gate Capital LLP bought a new position in Avery Dennison in the 4th quarter valued at about $37,000. Brooklyn Investment Group acquired a new position in Avery Dennison during the 3rd quarter valued at about $66,000. Spire Wealth Management raised its stake in shares of Avery Dennison by 76.0% in the fourth quarter. Spire Wealth Management now owns 301 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 130 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Avery Dennison by 18.8% in the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

AVY has been the subject of several recent research reports. Barclays decreased their price target on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Citigroup lowered their target price on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. UBS Group cut their price target on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Truist Financial reiterated a “buy” rating and issued a $215.00 price objective (down previously from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Finally, BMO Capital Markets set a $226.00 target price on Avery Dennison in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $222.51.

Avery Dennison Stock Down 0.9 %

Shares of NYSE AVY opened at $175.38 on Wednesday. The business’s fifty day moving average price is $184.10 and its 200-day moving average price is $197.31. Avery Dennison Co. has a one year low of $173.02 and a one year high of $233.48. The stock has a market capitalization of $13.85 billion, a PE ratio of 20.11, a P/E/G ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

Avery Dennison (NYSE:AVY) last posted 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, equities research analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Wednesday, March 5th. Avery Dennison’s dividend payout ratio (DPR) is presently 40.37%.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $181.85, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.84% of the stock is currently owned by corporate insiders.

Avery Dennison 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.