Sumitomo Mitsui Trust Group Inc. Cuts Holdings in Avery Dennison Co. (NYSE:AVY)

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 0.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 177,007 shares of the industrial products company’s stock after selling 359 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Avery Dennison worth $39,076,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of AVY. Innealta Capital LLC purchased a new position in shares of Avery Dennison during the 2nd quarter worth approximately $28,000. Kennebec Savings Bank acquired a new stake in shares of Avery Dennison in the 3rd quarter worth approximately $36,000. Ashton Thomas Private Wealth LLC purchased a new position in Avery Dennison in the 2nd quarter valued at approximately $42,000. 1620 Investment Advisors Inc. purchased a new position in Avery Dennison in the 2nd quarter valued at approximately $51,000. Finally, Raleigh Capital Management Inc. increased its stake in Avery Dennison by 1,400.0% in the 3rd quarter. Raleigh Capital Management Inc. now owns 255 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 238 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AVY shares. Truist Financial raised their price objective on Avery Dennison from $253.00 to $258.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Bank of America raised Avery Dennison from an “underperform” rating to a “buy” rating and raised their price target for the stock from $207.00 to $250.00 in a research report on Thursday, October 17th. Finally, Barclays dropped their price target on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $244.96.

Insiders Place Their Bets

In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $214.21, for a total transaction of $2,142,100.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at $65,144,259.94. The trade was a 3.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 27,108 shares of company stock worth $5,821,497 over the last quarter. 1.10% of the stock is owned by corporate insiders.

Avery Dennison Price Performance

Shares of Avery Dennison stock opened at $197.73 on Friday. Avery Dennison Co. has a twelve month low of $186.66 and a twelve month high of $233.48. The stock has a market capitalization of $15.89 billion, a P/E ratio of 23.71, a PEG ratio of 1.56 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. The business’s fifty day moving average price is $213.17 and its 200 day moving average price is $217.66.

Avery Dennison (NYSE:AVY) last issued its 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 firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter last year, the firm earned $2.10 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, research analysts anticipate that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison’s dividend payout ratio is presently 42.26%.

About Avery Dennison

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.