Connecticut Wealth Management LLC Has $493,000 Stock Position in Avery Dennison Co. (NYSE:AVY)

Connecticut Wealth Management LLC lifted its position in shares of Avery Dennison Co. (NYSE:AVY) by 80.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,440 shares of the industrial products company’s stock after acquiring an additional 1,090 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Avery Dennison were worth $493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVY. Ameriprise Financial Inc. lifted its stake in Avery Dennison by 22.7% in the third quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock valued at $487,857,000 after buying an additional 493,857 shares during the period. Morgan Stanley lifted its stake in Avery Dennison by 55.7% during the 3rd quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after acquiring an additional 639,521 shares in the last quarter. Cerity Partners LLC grew its position in Avery Dennison by 4,159.9% during the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after buying an additional 1,163,264 shares during the period. Truist Financial Corp lifted its holdings in Avery Dennison by 5.5% during the third quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock valued at $200,302,000 after purchasing an additional 57,106 shares during the last quarter. Finally, Boston Partners grew its stake in Avery Dennison by 43.9% in the 3rd quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock valued at $184,026,000 after buying an additional 307,325 shares in the last quarter. Institutional investors own 94.17% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Ignacio J. Walker sold 5,000 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $213.29, for a total value of $298,606.00. Following the completion of the transaction, the insider now directly owns 2,843 shares of the company’s stock, valued at $606,383.47. The transaction was disclosed in a legal filing 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 on 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 transaction, the senior vice president now directly owns 6,102 shares of the company’s stock, valued at $1,305,217.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,879 shares of company stock worth $4,217,705. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday, April 22nd. 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 research note on Thursday, January 11th. 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 research note on Friday, April 26th. Citigroup upped their target price on shares of Avery Dennison from $223.00 to $234.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. Finally, JPMorgan Chase & Co. upped their target price 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $224.00.

Avery Dennison Stock Performance

Shares of AVY traded down $0.06 during mid-day trading on Monday, hitting $221.49. 180,672 shares of the company traded hands, compared to its average volume of 442,449. The stock has a 50-day moving average price of $216.39 and a two-hundred day moving average price of $201.86. The stock has a market cap of $17.84 billion, a price-to-earnings ratio of 32.34, a P/E/G ratio of 3.41 and a beta of 0.91. Avery Dennison Co. has a 1 year low of $158.93 and a 1 year high of $225.26. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.58 and a current ratio of 0.87.

Avery Dennison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Wednesday, June 5th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $3.52 annualized dividend and a yield of 1.59%. This is an increase from Avery Dennison’s previous quarterly dividend of $0.81. Avery Dennison’s dividend payout ratio is currently 47.30%.

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.