Avery Dennison Corporation $AVY Stock Sold by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. cut its holdings in shares of Avery Dennison Corporation (NYSE:AVY) by 8.3% during the third quarter, HoldingsChannel.com reports. The firm owned 177,676 shares of the industrial products company’s stock after selling 16,011 shares during the quarter. Eurizon Capital SGR S.p.A.’s holdings in Avery Dennison were worth $30,325,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its holdings in Avery Dennison by 29.8% during the 3rd quarter. Fifth Third Bancorp now owns 22,974 shares of the industrial products company’s stock worth $3,921,000 after acquiring an additional 5,274 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Avery Dennison by 17.3% in the 3rd quarter. Maryland State Retirement & Pension System now owns 4,846 shares of the industrial products company’s stock valued at $827,000 after purchasing an additional 716 shares during the period. Altman Advisors Inc. acquired a new position in shares of Avery Dennison in the 3rd quarter valued at $2,088,000. Machina Capital S.A.S. acquired a new position in shares of Avery Dennison in the 3rd quarter valued at $1,201,000. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Avery Dennison by 7.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 47,693 shares of the industrial products company’s stock worth $8,140,000 after purchasing an additional 3,236 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Price Performance

Shares of AVY stock opened at $188.03 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.16 and a debt-to-equity ratio of 1.33. Avery Dennison Corporation has a 12-month low of $152.42 and a 12-month high of $199.54. The firm has a fifty day moving average of $176.24 and a 200-day moving average of $172.35. The firm has a market capitalization of $14.20 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 2.20 and a beta of 0.77.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Thursday, October 29th. The industrial products company reported $2.42 EPS for the quarter, topping the consensus estimate of $2.32 by $0.10. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.26 billion. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.37 EPS. On average, equities research analysts forecast that Avery Dennison Corporation will post 10.17 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio is 43.29%.

Insider Transactions at Avery Dennison

In related news, Director Andres Alberto Lopez sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $193.80, for a total transaction of $775,200.00. Following the completion of the sale, the director directly owned 1,147 shares of the company’s stock, valued at approximately $222,288.60. This represents a 77.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Nicholas Colisto sold 3,886 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $170.68, for a total transaction of $663,262.48. Following the sale, the senior vice president owned 7,126 shares in the company, valued at $1,216,265.68. This trade represents a 35.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

AVY has been the subject of a number of analyst reports. Citigroup lifted their price objective on Avery Dennison from $186.00 to $191.00 and gave the stock a “neutral” rating in a research note on Monday, November 2nd. Truist Financial cut their target price on Avery Dennison from $209.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 12th. Jefferies Financial Group restated a “hold” rating and set a $181.00 target price on shares of Avery Dennison in a report on Monday, September 28th. Wall Street Zen lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Sunday, November 8th. Finally, JPMorgan Chase & Co. boosted their target price on Avery Dennison from $190.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $201.10.

About Avery Dennison

Avery Dennison is a global materials science and digital identification solutions company. Its products include pressure-sensitive labels and adhesives, packaging materials, and graphic films used in applications such as product labeling, vehicle graphics, and building signage. The company also develops technologies that help businesses identify and track products, including RFID inlays and tags, which can support inventory management and supply-chain visibility. Its solutions serve customers across industries such as apparel, food and beverage, logistics, healthcare, and retail.