Hartford Investment Management Co. Cuts Stake in Avery Dennison Co. (NYSE:AVY)

Hartford Investment Management Co. lessened its holdings in Avery Dennison Co. (NYSE:AVY) by 1.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,963 shares of the industrial products company’s stock after selling 97 shares during the quarter. Hartford Investment Management Co.’s holdings in Avery Dennison were worth $929,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Empirical Finance LLC boosted its holdings in Avery Dennison by 2.0% in the third quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company’s stock valued at $623,000 after purchasing an additional 55 shares during the period. Greenleaf Trust boosted its stake in shares of Avery Dennison by 4.4% in the 4th quarter. Greenleaf Trust now owns 1,352 shares of the industrial products company’s stock valued at $253,000 after buying an additional 57 shares during the period. AdvisorNet Financial Inc grew its position in shares of Avery Dennison by 18.8% during the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company’s stock worth $69,000 after buying an additional 58 shares in the last quarter. Lindenwold Advisors INC increased its stake in shares of Avery Dennison by 0.6% during the third quarter. Lindenwold Advisors INC now owns 10,266 shares of the industrial products company’s stock worth $2,266,000 after buying an additional 59 shares during the period. Finally, Cynosure Group LLC raised its holdings in Avery Dennison by 3.6% in the third quarter. Cynosure Group LLC now owns 1,712 shares of the industrial products company’s stock valued at $378,000 after acquiring an additional 59 shares in the last quarter. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Shares of Avery Dennison stock opened at $181.76 on Friday. The firm’s fifty day simple moving average is $189.00 and its 200-day simple moving average is $203.79. Avery Dennison Co. has a 12 month low of $178.72 and a 12 month high of $233.48. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 2.04 and a beta of 0.89. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.08 and a quick ratio of 0.73.

Avery Dennison (NYSE:AVY) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. As a group, equities analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current year.

Avery Dennison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Wednesday, March 5th. Avery Dennison’s payout ratio is currently 40.37%.

Insider Transactions at Avery Dennison

In other news, SVP Nicholas Colisto sold 3,679 shares of the business’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 transaction, the senior vice president now directly owns 7,126 shares in the company, valued at $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

AVY has been the topic of a number of recent analyst reports. Barclays dropped their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Truist Financial restated a “buy” rating and issued a $215.00 price target (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Raymond James reiterated an “outperform” rating and issued a $208.00 price objective (down previously from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Bank of America decreased their target price on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $227.15.

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.