Fifth Third Wealth Advisors LLC Buys Shares of 1,166 Avery Dennison Co. (NYSE:AVY)

Fifth Third Wealth Advisors LLC purchased a new position in shares of Avery Dennison Co. (NYSE:AVY) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 1,166 shares of the industrial products company’s stock, valued at approximately $218,000.

Several other large investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in shares of Avery Dennison by 485.2% in the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock worth $6,715,000 after purchasing an additional 29,541 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Avery Dennison by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,416,798 shares of the industrial products company’s stock worth $312,772,000 after buying an additional 90,250 shares during the period. Icon Wealth Advisors LLC grew its stake in Avery Dennison by 553.5% in the 3rd quarter. Icon Wealth Advisors LLC now owns 3,137 shares of the industrial products company’s stock valued at $693,000 after buying an additional 2,657 shares in the last quarter. Bank of Montreal Can raised its holdings in Avery Dennison by 1.9% during the 2nd quarter. Bank of Montreal Can now owns 250,213 shares of the industrial products company’s stock valued at $57,581,000 after acquiring an additional 4,752 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Avery Dennison by 12.4% during the third quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock worth $92,771,000 after acquiring an additional 46,390 shares in the last quarter. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of NYSE:AVY opened at $191.07 on Friday. Avery Dennison Co. has a one year low of $181.99 and a one year high of $233.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. The firm has a market capitalization of $15.35 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 1.29 and a beta of 0.89. The company’s fifty day moving average price is $195.08 and its 200-day moving average price is $207.86.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the business posted $2.10 earnings per share. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities research analysts anticipate that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Wednesday, December 4th. Avery Dennison’s dividend payout ratio is currently 42.26%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup reduced their price target on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. BMO Capital Markets decreased their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Barclays reduced their price objective on shares of Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, Truist Financial lowered their target price on shares of Avery Dennison from $258.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $235.05.

Insider Buying and Selling at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This represents a 34.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.10% of the company’s stock.

Avery Dennison 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.