Penobscot Investment Management Company Inc. Sells 1,070 Shares of Avery Dennison Co. (NYSE:AVY)

Penobscot Investment Management Company Inc. trimmed its position in shares of Avery Dennison Co. (NYSE:AVY) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,532 shares of the industrial products company’s stock after selling 1,070 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Avery Dennison were worth $2,331,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Ameriprise Financial Inc. boosted its position 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 valued at $487,857,000 after acquiring an additional 493,857 shares in the last quarter. Morgan Stanley boosted its position in shares of Avery Dennison by 55.7% in the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock worth $326,673,000 after purchasing an additional 639,521 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Avery Dennison by 4,159.9% in the 4th quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock worth $240,819,000 after purchasing an additional 1,163,264 shares in the last quarter. Truist Financial Corp boosted its position in shares of Avery Dennison by 5.5% in the 3rd quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock worth $200,302,000 after purchasing an additional 57,106 shares in the last quarter. Finally, Boston Partners boosted its position in shares of 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 purchasing an additional 307,325 shares in the last quarter. 94.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVY has been the topic of a number of analyst reports. Raymond James reissued an “outperform” rating and issued a $240.00 price target (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Truist Financial boosted their price objective on shares of Avery Dennison from $248.00 to $253.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird boosted their price objective on shares of Avery Dennison from $215.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. UBS Group boosted their price objective on shares of Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Bank of America lowered shares of Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 price objective for the company. in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Avery Dennison presently has an average rating of “Moderate Buy” and an average price target of $224.00.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the transaction, the senior vice president now owns 6,102 shares of the company’s stock, valued at approximately $1,305,217.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Julia A. Stewart sold 5,311 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the sale, the director now directly owns 5,018 shares of the company’s stock, valued at approximately $1,014,940.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $213.90, for a total transaction of $1,069,500.00. Following the completion of the sale, the senior vice president now directly owns 6,102 shares in the company, valued at $1,305,217.80. The disclosure for this sale can be found here. Insiders sold 19,879 shares of company stock valued at $4,217,705 in the last 90 days. Insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Avery Dennison stock traded down $1.63 during mid-day trading on Tuesday, hitting $216.76. The stock had a trading volume of 88,573 shares, compared to its average volume of 441,859. The firm has a market capitalization of $17.45 billion, a P/E ratio of 31.88, a P/E/G ratio of 3.38 and a beta of 0.90. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94. The firm’s 50 day moving average is $215.91 and its 200 day moving average is $200.82. Avery Dennison Co. has a one year low of $158.93 and a one year high of $225.26.

Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $2.16 EPS for the quarter, meeting the consensus estimate of $2.16. Avery Dennison had a net margin of 6.56% and a return on equity of 32.59%. The business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The business’s revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts forecast that Avery Dennison Co. will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Tuesday, June 4th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s dividend payout ratio is 47.30%.

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.