OLD National Bancorp IN Sells 1,740 Shares of Avery Dennison Co. (NYSE:AVY)

OLD National Bancorp IN trimmed its holdings in Avery Dennison Co. (NYSE:AVY) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,892 shares of the industrial products company’s stock after selling 1,740 shares during the period. OLD National Bancorp IN’s holdings in Avery Dennison were worth $1,191,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in shares of Avery Dennison by 22.7% in the third quarter. Ameriprise Financial Inc. now owns 2,670,469 shares of the industrial products company’s stock valued at $487,857,000 after buying an additional 493,857 shares in the last quarter. Morgan Stanley raised its position in Avery Dennison by 55.7% during the third quarter. Morgan Stanley now owns 1,788,321 shares of the industrial products company’s stock valued at $326,673,000 after purchasing an additional 639,521 shares in the last quarter. Cerity Partners LLC raised its position in Avery Dennison by 4,159.9% during the fourth quarter. Cerity Partners LLC now owns 1,191,228 shares of the industrial products company’s stock valued at $240,819,000 after purchasing an additional 1,163,264 shares in the last quarter. Truist Financial Corp raised its position in Avery Dennison by 5.5% during the third quarter. Truist Financial Corp now owns 1,096,524 shares of the industrial products company’s stock valued at $200,302,000 after purchasing an additional 57,106 shares in the last quarter. Finally, Boston Partners raised its position in Avery Dennison by 43.9% during the third quarter. Boston Partners now owns 1,007,542 shares of the industrial products company’s stock valued at $184,026,000 after purchasing an additional 307,325 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Price Performance

Shares of NYSE AVY opened at $211.33 on Wednesday. The firm’s 50-day moving average price is $215.22 and its 200-day moving average price is $199.92. Avery Dennison Co. has a 1-year low of $158.93 and a 1-year high of $225.26. The firm has a market capitalization of $17.02 billion, a P/E ratio of 34.03, a P/E/G ratio of 3.27 and a beta of 0.90. The company has a current ratio of 1.04, a quick ratio of 0.69 and a debt-to-equity ratio of 1.23.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.16. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.10 billion. Avery Dennison had a net margin of 6.01% and a return on equity of 30.97%. The company’s revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.65 EPS. Equities research analysts anticipate that Avery Dennison Co. will post 9.26 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 1.53%. The ex-dividend date was Tuesday, March 5th. Avery Dennison’s payout ratio is currently 52.17%.

Insider Buying and Selling

In other Avery Dennison news, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $217.36, for a total value of $1,775,396.48. Following the completion of the transaction, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Avery Dennison news, Director Julia A. Stewart sold 5,311 shares of Avery Dennison stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $202.26, for a total value of $1,074,202.86. Following the completion of the transaction, the director now directly owns 5,018 shares of the company’s stock, valued at $1,014,940.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Mitchell R. Butier sold 8,168 shares of Avery Dennison stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $217.36, for a total transaction of $1,775,396.48. Following the completion of the transaction, the chairman now directly owns 321,487 shares of the company’s stock, valued at $69,878,414.32. The disclosure for this sale can be found here. Insiders have sold 19,879 shares of company stock valued at $4,217,705 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on AVY. Truist Financial restated a “buy” rating and set a $249.00 price objective on shares of Avery Dennison in a research report on Friday, January 19th. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research note on Monday. UBS Group boosted their target price on shares of Avery Dennison from $225.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. JPMorgan Chase & Co. boosted their target price on shares of Avery Dennison from $185.00 to $218.00 and gave the stock an “overweight” rating in a research note on Thursday, February 1st. Finally, Bank of America cut shares of Avery Dennison from a “buy” rating to an “underperform” rating and set a $208.00 target price on the stock. in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $221.00.

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.