MetLife Investment Management LLC Sells 573 Shares of Avery Dennison Co. (NYSE:AVY)

MetLife Investment Management LLC lessened its holdings in shares of Avery Dennison Co. (NYSE:AVY) by 2.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 22,302 shares of the industrial products company’s stock after selling 573 shares during the period. MetLife Investment Management LLC’s holdings in Avery Dennison were worth $4,923,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AVY. Innealta Capital LLC bought a new position in Avery Dennison in the second quarter valued at approximately $28,000. Larson Financial Group LLC raised its holdings in shares of Avery Dennison by 100.0% during the third quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 71 shares during the period. Kennebec Savings Bank acquired a new stake in shares of Avery Dennison during the third quarter worth $36,000. Peterson Financial Group Inc. bought a new stake in Avery Dennison in the 3rd quarter valued at $39,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in Avery Dennison during the 2nd quarter worth about $42,000. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Avery Dennison Stock Performance

NYSE AVY opened at $205.95 on Monday. The firm has a market capitalization of $16.55 billion, a P/E ratio of 24.72, a price-to-earnings-growth ratio of 1.58 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 firm’s fifty day moving average price is $209.80 and its two-hundred day moving average price is $215.98. Avery Dennison Co. has a 1 year low of $190.04 and a 1 year high of $233.48.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. Avery Dennison had a net margin of 7.76% and a return on equity of 33.01%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the prior year, the firm earned $2.10 EPS. Avery Dennison’s quarterly revenue 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 EPS for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.71%. Avery Dennison’s dividend payout ratio is currently 42.26%.

Analyst Ratings Changes

Several analysts have issued reports on AVY shares. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and boosted their price target for the company from $207.00 to $250.00 in a report on Thursday, October 17th. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and cut their target price for the company from $230.00 to $210.00 in a research note on Thursday, October 24th. Barclays decreased their price target 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. Citigroup cut their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 2nd. Finally, StockNews.com downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.96.

Insider Buying and Selling

In related news, SVP Nicholas Colisto sold 3,679 shares of Avery Dennison 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 sale, the senior vice president now owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. The trade was a 34.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.10% of the stock is owned by insiders.

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.