Avery Dennison Co. (NYSE:AVY) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. reduced its holdings in Avery Dennison Co. (NYSE:AVY) by 33.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,990 shares of the industrial products company’s stock after selling 3,000 shares during the period. First City Capital Management Inc.’s holdings in Avery Dennison were worth $1,322,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of AVY. Orion Portfolio Solutions LLC grew its holdings in Avery Dennison by 4.4% in the first quarter. Orion Portfolio Solutions LLC now owns 7,001 shares of the industrial products company’s stock valued at $1,563,000 after purchasing an additional 296 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Avery Dennison by 40.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,300 shares of the industrial products company’s stock valued at $1,406,000 after purchasing an additional 1,807 shares during the period. UniSuper Management Pty Ltd lifted its position in shares of Avery Dennison by 447.7% in the first quarter. UniSuper Management Pty Ltd now owns 5,187 shares of the industrial products company’s stock valued at $1,158,000 after acquiring an additional 4,240 shares in the last quarter. Lake Street Advisors Group LLC purchased a new position in shares of Avery Dennison in the first quarter valued at approximately $339,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Avery Dennison by 2.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 49,408 shares of the industrial products company’s stock valued at $11,031,000 after acquiring an additional 1,380 shares in the last quarter. 94.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Chairman Mitchell R. Butier sold 7,108 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now directly owns 304,114 shares of the company’s stock, valued at $66,333,345.68. The trade was a 2.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AVY shares. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Truist Financial raised their target price on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Barclays decreased their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. Finally, UBS Group downgraded Avery Dennison from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $262.00 to $235.00 in a research report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison has an average rating of “Moderate Buy” and a consensus target price of $244.96.

Avery Dennison Price Performance

AVY stock opened at $198.31 on Tuesday. The business has a fifty day moving average of $212.79 and a two-hundred day moving average of $217.52. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85. The stock has a market cap of $15.93 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. Avery Dennison Co. has a 52-week low of $186.66 and a 52-week high of $233.48.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.10 earnings per share. As a group, research analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.77%. Avery Dennison’s payout ratio is presently 42.26%.

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.