Cetera Investment Advisers Has $2.24 Million Holdings in Avery Dennison Co. (NYSE:AVY)

Cetera Investment Advisers lessened its position in shares of Avery Dennison Co. (NYSE:AVY) by 2.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 11,970 shares of the industrial products company’s stock after selling 339 shares during the quarter. Cetera Investment Advisers’ holdings in Avery Dennison were worth $2,240,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of AVY. Norges Bank bought a new position in shares of Avery Dennison during the 4th quarter worth approximately $188,643,000. Raymond James Financial Inc. bought a new position in shares of Avery Dennison during the 4th quarter worth approximately $51,521,000. Ameriprise Financial Inc. lifted its position in shares of Avery Dennison by 12.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,185,732 shares of the industrial products company’s stock worth $409,014,000 after buying an additional 250,359 shares during the period. Capital World Investors bought a new position in shares of Avery Dennison during the 4th quarter worth approximately $40,354,000. Finally, Bank of America Corp DE lifted its position in shares of Avery Dennison by 37.4% during the 4th quarter. Bank of America Corp DE now owns 632,738 shares of the industrial products company’s stock worth $118,404,000 after buying an additional 172,172 shares during the period. Institutional investors own 94.17% of the company’s stock.

Wall Street Analysts Forecast Growth

AVY has been the subject of several analyst reports. Truist Financial cut their target price on Avery Dennison from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Barclays cut their price objective on Avery Dennison from $225.00 to $210.00 and set an “overweight” rating for the company in a research report on Thursday, April 24th. Raymond James cut their price objective on Avery Dennison from $208.00 to $194.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird cut their price objective on Avery Dennison from $220.00 to $210.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $205.00 to $172.00 in a research report on Thursday, April 24th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and an average target price of $206.60.

Insiders Place Their Bets

In other Avery Dennison news, Chairman Mitchell R. Butier sold 12,969 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the transaction, the chairman now owns 303,331 shares in the company, valued at $55,160,742.35. This trade represents a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.84% of the company’s stock.

Avery Dennison Price Performance

Shares of NYSE AVY opened at $183.27 on Monday. The firm has a market cap of $14.33 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 2.07 and a beta of 0.88. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10. Avery Dennison Co. has a 1-year low of $157.00 and a 1-year high of $233.48. The business’s 50 day moving average is $173.68 and its 200-day moving average is $185.52.

Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, April 23rd. The industrial products company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.32 by ($0.02). The firm had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.15 billion. Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. Avery Dennison’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter last year, the business posted $2.29 EPS. Equities research analysts predict that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Wednesday, June 4th. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.88. Avery Dennison’s dividend payout ratio (DPR) is 43.32%.

Avery Dennison Company 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.