Avery Dennison Co. (NYSE:AVY – Get Free Report) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,980,000 shares, a growth of 7.0% from the December 15th total of 1,850,000 shares. Based on an average daily volume of 542,600 shares, the days-to-cover ratio is presently 3.6 days. Approximately 2.5% of the shares of the stock are sold short.
Insider Buying and Selling
In other news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the transaction, the senior vice president now owns 7,126 shares in the company, valued at $1,467,956. This trade represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Avery Dennison
Hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC increased its stake in Avery Dennison by 100.0% in the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 71 shares during the last quarter. Kennebec Savings Bank purchased a new stake in Avery Dennison in the third quarter valued at $36,000. Peterson Financial Group Inc. acquired a new position in Avery Dennison in the third quarter valued at $39,000. Raleigh Capital Management Inc. grew its holdings in shares of Avery Dennison by 1,400.0% during the third quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 238 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Avery Dennison during the third quarter worth about $66,000. Institutional investors and hedge funds own 94.17% of the company’s stock.
Avery Dennison Stock Down 0.1 %
Avery Dennison (NYSE:AVY – Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the previous year, the business posted $2.10 EPS. The firm’s revenue was up 4.1% on a year-over-year basis. As a group, equities analysts forecast that Avery Dennison will post 9.41 EPS for the current year.
Avery Dennison Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.84%. Avery Dennison’s dividend payout ratio is currently 42.26%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. Barclays lowered their price target on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Truist Financial lowered their price objective on Avery Dennison from $258.00 to $245.00 and set a “buy” rating for the company in a research report on Monday, January 6th. UBS Group decreased their price target on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $235.05.
Check Out Our Latest Research Report on Avery Dennison
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.
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