Avery Dennison Corp (NYSE:AVY) Position Boosted by Legal & General Group Plc

Legal & General Group Plc lifted its holdings in shares of Avery Dennison Corp (NYSE:AVY) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 507,685 shares of the industrial products company’s stock after purchasing an additional 31,563 shares during the quarter. Legal & General Group Plc owned 0.59% of Avery Dennison worth $45,605,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eads & Heald Wealth Management raised its holdings in Avery Dennison by 21.7% in the 4th quarter. Eads & Heald Wealth Management now owns 14,200 shares of the industrial products company’s stock valued at $1,276,000 after acquiring an additional 2,535 shares in the last quarter. Gotham Asset Management LLC raised its holdings in shares of Avery Dennison by 457.3% during the 4th quarter. Gotham Asset Management LLC now owns 68,168 shares of the industrial products company’s stock worth $6,124,000 after buying an additional 55,937 shares in the last quarter. DNB Asset Management AS raised its holdings in shares of Avery Dennison by 17.4% during the 4th quarter. DNB Asset Management AS now owns 19,792 shares of the industrial products company’s stock worth $1,778,000 after buying an additional 2,930 shares in the last quarter. Tradition Capital Management LLC raised its holdings in shares of Avery Dennison by 53.2% during the 4th quarter. Tradition Capital Management LLC now owns 75,880 shares of the industrial products company’s stock worth $6,816,000 after buying an additional 26,346 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Avery Dennison by 31.0% during the 4th quarter. Great West Life Assurance Co. Can now owns 120,151 shares of the industrial products company’s stock worth $10,568,000 after buying an additional 28,457 shares in the last quarter. 87.98% of the stock is currently owned by institutional investors.

In other Avery Dennison news, Director Peter K. Barker sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $104.51, for a total transaction of $209,020.00. Following the sale, the director now owns 29,769 shares in the company, valued at $3,111,158.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Deon Stander sold 7,500 shares of the firm’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $109.51, for a total value of $821,325.00. Following the sale, the vice president now owns 42,702 shares in the company, valued at approximately $4,676,296.02. The disclosure for this sale can be found here. Insiders have sold 235,664 shares of company stock worth $25,593,024 in the last 90 days. Company insiders own 1.30% of the company’s stock.

A number of equities analysts have recently commented on the company. KeyCorp reissued a “sector weight” rating and set a $110.00 price target on shares of Avery Dennison in a report on Sunday, April 7th. Zacks Investment Research lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Monday, April 8th. Loop Capital lowered Avery Dennison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 20th. They noted that the move was a valuation call. Citigroup lowered their price objective on Avery Dennison from $122.00 to $110.00 and set a “buy” rating for the company in a research note on Monday, January 7th. Finally, JPMorgan Chase & Co. downgraded Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 price objective for the company. in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $118.44.

Shares of AVY stock traded down $0.27 during trading on Friday, hitting $113.37. The company’s stock had a trading volume of 643,647 shares, compared to its average volume of 455,856. Avery Dennison Corp has a 52 week low of $82.89 and a 52 week high of $117.00. The firm has a market cap of $9.52 billion, a PE ratio of 18.71, a P/E/G ratio of 2.47 and a beta of 1.39. The company has a quick ratio of 0.83, a current ratio of 1.15 and a debt-to-equity ratio of 1.85.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, January 30th. The industrial products company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.02. Avery Dennison had a return on equity of 52.22% and a net margin of 6.53%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the company earned $1.33 earnings per share. Avery Dennison’s revenue was up 1.9% compared to the same quarter last year. On average, research analysts expect that Avery Dennison Corp will post 6.56 earnings per share for the current year.

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Avery Dennison Company Profile

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands. It also offers durable cast and reflective films.

Further Reading: What is Cost of Goods Sold (COGS)?

Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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