172,380 Avery Dennison Corporation $AVY Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of Avery Dennison Corporation (NYSE:AVY) by 97.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,378 shares of the industrial products company’s stock after selling 172,380 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Avery Dennison were worth $747,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE purchased a new position in shares of Avery Dennison during the 2nd quarter worth approximately $142,169,000. QRG Capital Management Inc. increased its position in Avery Dennison by 172.3% during the second quarter. QRG Capital Management Inc. now owns 7,301 shares of the industrial products company’s stock worth $1,185,000 after buying an additional 4,620 shares in the last quarter. HighTower Advisors LLC increased its position in Avery Dennison by 32.9% during the second quarter. HighTower Advisors LLC now owns 68,647 shares of the industrial products company’s stock worth $11,145,000 after buying an additional 17,003 shares in the last quarter. Corient Private Wealth LP raised its holdings in shares of Avery Dennison by 91.1% in the second quarter. Corient Private Wealth LP now owns 124,011 shares of the industrial products company’s stock worth $20,133,000 after acquiring an additional 59,109 shares during the last quarter. Finally, AXQ Capital LP acquired a new position in shares of Avery Dennison in the second quarter worth $1,053,000. 94.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AVY shares. UBS Group upped their price objective on Avery Dennison from $225.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, October 30th. Truist Financial cut their target price on shares of Avery Dennison from $209.00 to $208.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Wall Street Zen lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings raised shares of Avery Dennison from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Finally, Citigroup raised their price target on shares of Avery Dennison from $186.00 to $191.00 and gave the stock a “neutral” rating in a research note on Monday, November 2nd. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Avery Dennison currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.10.

Insiders Place Their Bets

In related news, Director Andres Alberto Lopez sold 4,000 shares of Avery Dennison stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $193.80, for a total value of $775,200.00. Following the transaction, the director owned 1,147 shares in the company, valued at approximately $222,288.60. This trade represents a 77.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Nicholas Colisto sold 3,886 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $170.68, for a total value of $663,262.48. Following the sale, the senior vice president directly owned 7,126 shares of the company’s stock, valued at approximately $1,216,265.68. This trade represents a 35.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is currently owned by company insiders.

Avery Dennison Stock Performance

NYSE:AVY opened at $186.81 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.16 and a debt-to-equity ratio of 1.33. The company has a market cap of $14.11 billion, a P/E ratio of 20.22, a P/E/G ratio of 2.20 and a beta of 0.77. Avery Dennison Corporation has a fifty-two week low of $152.42 and a fifty-two week high of $199.54. The firm’s 50 day moving average is $174.92 and its two-hundred day moving average is $172.32.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Thursday, October 29th. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.10. Avery Dennison had a net margin of 7.56% and a return on equity of 33.88%. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the company earned $2.37 EPS. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts expect that Avery Dennison Corporation will post 10.17 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Wednesday, December 2nd will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio (DPR) is 43.29%.

Avery Dennison Profile

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.

Founded in 1935 by R.