M&T Bank Corp Cuts Position in Avery Dennison Co. (NYSE:AVY)

M&T Bank Corp lessened its holdings in Avery Dennison Co. (NYSE:AVY) by 14.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,603 shares of the industrial products company’s stock after selling 6,249 shares during the period. M&T Bank Corp’s holdings in Avery Dennison were worth $7,198,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Alliance Wealth Advisors LLC UT boosted its stake in shares of Avery Dennison by 1.5% in the 4th quarter. Alliance Wealth Advisors LLC UT now owns 3,840 shares of the industrial products company’s stock worth $776,000 after buying an additional 56 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in Avery Dennison by 5.0% in the fourth quarter. First Trust Direct Indexing L.P. now owns 1,198 shares of the industrial products company’s stock valued at $242,000 after purchasing an additional 57 shares during the last quarter. New York Life Investment Management LLC lifted its stake in Avery Dennison by 0.5% in the third quarter. New York Life Investment Management LLC now owns 11,454 shares of the industrial products company’s stock valued at $2,092,000 after purchasing an additional 58 shares during the last quarter. Signaturefd LLC lifted its stake in Avery Dennison by 25.5% in the third quarter. Signaturefd LLC now owns 300 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 61 shares during the last quarter. Finally, Advisor Partners II LLC lifted its stake in Avery Dennison by 1.9% in the third quarter. Advisor Partners II LLC now owns 3,342 shares of the industrial products company’s stock valued at $610,000 after purchasing an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Insider Transactions at Avery Dennison

In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Avery Dennison news, insider Ryan D. Yost sold 1,400 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 2,843 shares in the company, valued at $606,383.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Mitchell R. Butier sold 8,168 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chairman now owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,879 shares of company stock worth $4,217,705. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

AVY has been the topic of several research analyst reports. Robert W. Baird upped their price objective on Avery Dennison from $215.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Raymond James reissued an “outperform” rating and set a $240.00 target price (up previously from $225.00) on shares of Avery Dennison in a report on Thursday, April 25th. Citigroup boosted their target price 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. Truist Financial boosted their target price on shares of Avery Dennison from $248.00 to $253.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, UBS Group boosted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $224.00.

Avery Dennison Stock Performance

NYSE AVY opened at $221.55 on Monday. The company has a 50-day simple moving average of $216.39 and a two-hundred day simple moving average of $201.86. The company has a quick ratio of 0.58, a current ratio of 0.87 and a debt-to-equity ratio of 0.94. Avery Dennison Co. has a 12-month low of $158.93 and a 12-month high of $225.26. The firm has a market cap of $17.85 billion, a price-to-earnings ratio of 32.34, a PEG ratio of 3.41 and a beta of 0.91.

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 issued a dividend of $0.88 per share. This is a positive change 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.