Coastline Trust Co Reduces Holdings in Avery Dennison Co. (NYSE:AVY)

Coastline Trust Co decreased its holdings in Avery Dennison Co. (NYSE:AVY) by 12.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,080 shares of the industrial products company’s stock after selling 750 shares during the quarter. Coastline Trust Co’s holdings in Avery Dennison were worth $1,121,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Swedbank AB acquired a new position in shares of Avery Dennison in the 1st quarter valued at about $102,117,000. National Bank of Canada FI boosted its position in Avery Dennison by 795.2% during the 2nd quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after acquiring an additional 142,348 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Avery Dennison by 179.5% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock valued at $47,258,000 after buying an additional 138,808 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Avery Dennison by 6.8% in the third quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock valued at $312,772,000 after acquiring an additional 90,250 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its position in shares of Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock valued at $52,497,000 after purchasing an additional 81,993 shares during the period. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. This trade represents a 2.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 27,108 shares of company stock worth $5,821,497. Insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Avery Dennison stock opened at $197.73 on Friday. The business has a 50 day simple moving average of $212.79 and a 200 day simple moving average of $217.52. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The company has a market capitalization of $15.89 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 1.56 and a beta of 0.89. Avery Dennison Co. has a one year low of $186.66 and a one year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the business earned $2.10 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Avery Dennison Co. will post 9.42 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

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 issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s payout ratio is 42.26%.

Analysts Set New Price Targets

A number of analysts recently commented on AVY shares. JPMorgan Chase & Co. downgraded shares of Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $230.00 to $210.00 in a report on Thursday, October 24th. Barclays cut their price objective on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a report on Monday, October 28th. UBS Group lowered shares of Avery Dennison from a “buy” rating to a “neutral” rating and cut their price objective for the company from $262.00 to $235.00 in a research report on Thursday, July 25th. Truist Financial boosted their price target on Avery Dennison from $253.00 to $258.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Citigroup reduced their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $244.96.

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.