R Squared Ltd Takes Position in Avery Dennison Co. (NYSE:AVY)

R Squared Ltd acquired a new position in Avery Dennison Co. (NYSE:AVY) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 840 shares of the industrial products company’s stock, valued at approximately $157,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its stake in shares of Avery Dennison by 485.2% during the 4th 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 during the last quarter. Victory Capital Management Inc. increased its position in Avery Dennison by 6.8% during the third 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 last quarter. Icon Wealth Advisors LLC raised its holdings in Avery Dennison by 553.5% during the third 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. Meyer Handelman Co. acquired a new stake in shares of Avery Dennison in the fourth quarter worth about $4,263,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Avery Dennison by 12.4% during the 3rd 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. Institutional investors own 94.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AVY. Bank of America cut their price objective on Avery Dennison from $238.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Citigroup reduced their price objective on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. UBS Group dropped their target price on shares of Avery Dennison from $235.00 to $207.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. JPMorgan Chase & Co. cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $230.00 to $210.00 in a report on Thursday, October 24th. Finally, Truist Financial dropped their price objective on 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 research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $235.05.

Avery Dennison Price Performance

Shares of AVY stock opened at $192.67 on Thursday. The company has a market capitalization of $15.48 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.36 and a beta of 0.89. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a 12 month low of $181.99 and a 12 month high of $233.48. The stock has a 50 day moving average of $193.97 and a two-hundred day moving average of $206.61.

Insider Buying and Selling

In other news, SVP Nicholas Colisto sold 3,679 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the completion of the transaction, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This trade represents a 34.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is owned by company insiders.

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.