BNP Paribas Financial Markets lifted its position in Avery Dennison Corporation (NYSE:AVY – Free Report) by 19.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 221,193 shares of the industrial products company’s stock after buying an additional 35,496 shares during the quarter. BNP Paribas Financial Markets’ holdings in Avery Dennison were worth $40,231,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Avery Dennison during the 4th quarter worth approximately $188,438,000. Wellington Management Group LLP grew its position in Avery Dennison by 12.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,808,960 shares of the industrial products company’s stock worth $942,039,000 after purchasing an additional 644,664 shares during the last quarter. Cooke & Bieler LP purchased a new stake in Avery Dennison during the 4th quarter worth approximately $105,616,000. Balyasny Asset Management L.P. purchased a new stake in Avery Dennison during the 3rd quarter worth approximately $74,942,000. Finally, Ameriprise Financial Inc. grew its position in Avery Dennison by 30.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,841,191 shares of the industrial products company’s stock worth $298,613,000 after purchasing an additional 435,156 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.
Avery Dennison Stock Performance
Shares of NYSE AVY opened at $156.20 on Thursday. The company has a current ratio of 1.15, a quick ratio of 0.80 and a debt-to-equity ratio of 1.38. Avery Dennison Corporation has a 12 month low of $152.68 and a 12 month high of $199.54. The company has a 50 day simple moving average of $165.01 and a two-hundred day simple moving average of $176.14. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 2.70 and a beta of 0.82.
Avery Dennison Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.6%. The ex-dividend date is Wednesday, June 3rd. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.94. Avery Dennison’s dividend payout ratio (DPR) is presently 42.39%.
Insider Activity
In related news, Director Mitchell R. Butier sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $173.88, for a total value of $3,477,600.00. Following the completion of the transaction, the director directly owned 211,147 shares in the company, valued at $36,714,240.36. The trade was a 8.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.81% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms have weighed in on AVY. BMO Capital Markets boosted their target price on shares of Avery Dennison from $215.00 to $224.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Truist Financial reissued a “buy” rating and set a $221.00 target price (down from $223.00) on shares of Avery Dennison in a research report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft began coverage on shares of Avery Dennison in a research report on Wednesday, April 1st. They set a “buy” rating and a $200.00 target price on the stock. UBS Group decreased their price objective on shares of Avery Dennison from $226.00 to $222.00 and set a “buy” rating for the company in a research note on Friday, April 10th. Finally, Raymond James Financial set a $192.00 price objective on shares of Avery Dennison in a research note on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $204.11.
Read Our Latest Report on Avery Dennison
Avery Dennison Company Profile
Avery Dennison (NYSE:AVY) is a global materials science and manufacturing company specializing in labeling and packaging solutions. The company develops pressure-sensitive materials, tags and labels, and adhesive technologies that help brands and businesses enhance product identification, branding and supply-chain performance. Avery Dennison’s offerings range from industrial and retail labeling to high-performance tapes, films and graphics materials used across multiple end markets.
The company operates through several key segments, including Label and Graphic Materials, which supplies pressure-sensitive materials for consumer goods; Retail Branding and Information Solutions, offering apparel tags, RFID inlays and digital product identification; Pressure-Sensitive Materials, providing specialty tapes and adhesives; and RF Technologies, focused on advanced RFID and IoT labeling solutions.
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