Summit Global Investments Cuts Stake in Avery Dennison Co. (NYSE:AVY)

Summit Global Investments decreased its stake in Avery Dennison Co. (NYSE:AVY) by 15.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,966 shares of the industrial products company’s stock after selling 349 shares during the period. Summit Global Investments’ holdings in Avery Dennison were worth $397,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AVY. Cerity Partners LLC grew its position in Avery Dennison by 4,159.9% in the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after acquiring an additional 1,163,264 shares in the last quarter. Morgan Stanley grew its holdings in Avery Dennison by 55.7% during the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after purchasing an additional 639,521 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Avery Dennison by 22.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock worth $487,857,000 after buying an additional 493,857 shares during the period. Boston Partners lifted its holdings in Avery Dennison by 43.9% in the 3rd quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock worth $184,026,000 after buying an additional 307,325 shares in the last quarter. Finally, FMR LLC boosted its position in Avery Dennison by 27.5% in the 3rd quarter. FMR LLC now owns 958,790 shares of the industrial products company’s stock valued at $175,142,000 after buying an additional 206,784 shares during the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Truist Financial increased their price objective on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a research note on Friday, April 26th. JPMorgan Chase & Co. boosted their target price on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Raymond James reaffirmed an “outperform” rating and set a $240.00 price target (up previously from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Finally, StockNews.com raised Avery Dennison from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Avery Dennison presently has an average rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Buying and Selling at Avery Dennison

In other news, insider Ryan D. Yost sold 1,400 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $213.29, for a total transaction of $298,606.00. Following the completion of the transaction, the insider now owns 2,843 shares in the company, valued at $606,383.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction on Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the sale, the chairman now owns 321,487 shares of the company’s stock, valued at approximately $69,878,414.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ryan D. Yost sold 1,400 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $213.29, for a total value of $298,606.00. Following the transaction, the insider now owns 2,843 shares of the company’s stock, valued at approximately $606,383.47. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,879 shares of company stock worth $4,217,705. 1.10% of the stock is owned by insiders.

Avery Dennison Stock Performance

Shares of AVY stock opened at $221.55 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. The business has a 50 day moving average of $216.39 and a two-hundred day moving average of $201.86. The company has a market cap of $17.85 billion, a P/E ratio of 32.34, a PEG ratio of 3.41 and a beta of 0.91. Avery Dennison Co. has a 52 week low of $158.93 and a 52 week high of $225.26.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be paid a dividend of $0.88 per share. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. This represents a $3.52 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, June 4th. Avery Dennison’s dividend payout ratio is presently 47.30%.

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.