Channing Capital Management LLC Acquires New Stake in Avery Dennison Co. (NYSE:AVY)

Channing Capital Management LLC bought a new position in Avery Dennison Co. (NYSE:AVY) during the 4th quarter, Holdings Channel.com reports. The fund bought 30,393 shares of the industrial products company’s stock, valued at approximately $6,144,000.

Other large investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Avery Dennison in the third quarter worth approximately $32,000. Milestone Investment Advisors LLC bought a new stake in shares of Avery Dennison during the 3rd quarter valued at $36,000. Anchor Investment Management LLC purchased a new stake in shares of Avery Dennison in the 4th quarter worth $42,000. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Avery Dennison by 164.4% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 267 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 166 shares in the last quarter. Finally, Adirondack Trust Co. bought a new position in Avery Dennison in the 3rd quarter worth $55,000. 94.17% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. StockNews.com upgraded Avery Dennison from a “hold” rating to a “buy” rating in a research report on Monday, April 22nd. Citigroup lifted their price target on shares of Avery Dennison from $223.00 to $234.00 and gave the company a “neutral” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. increased their price objective on shares of Avery Dennison from $218.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Raymond James restated an “outperform” rating and set a $240.00 price objective (up from $225.00) on shares of Avery Dennison in a research report on Thursday, April 25th. Finally, UBS Group upped their target price 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.00.

Insider Buying and Selling

In other Avery Dennison news, SVP Ignacio J. Walker sold 5,000 shares of the stock in a transaction on 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 in the company, valued at $1,305,217.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of the company’s stock in a transaction that occurred 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 directly owns 321,487 shares in the company, valued at $69,878,414.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Ignacio J. Walker sold 5,000 shares of Avery Dennison stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $213.90, for a total value 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,879 shares of company stock worth $4,217,705. Insiders own 1.10% of the company’s stock.

Avery Dennison Price Performance

Shares of NYSE:AVY traded down $0.51 during mid-day trading on Monday, reaching $221.04. The stock had a trading volume of 277,298 shares, compared to its average volume of 443,324. The company has a market cap of $17.80 billion, a P/E ratio of 32.34, a price-to-earnings-growth ratio of 3.41 and a beta of 0.91. The business’s 50 day moving average price is $216.39 and its 200 day moving average price is $201.86. The company has a current ratio of 0.87, a quick ratio of 0.58 and a debt-to-equity ratio of 0.94. Avery Dennison Co. has a 1 year low of $158.93 and a 1 year high of $225.26.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Wednesday, June 5th will be given 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 dividend yield of 1.59%. The ex-dividend date of this dividend is Tuesday, June 4th. Avery Dennison’s dividend payout ratio is currently 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.