Victory Capital Management Inc. Purchases 90,250 Shares of Avery Dennison Co. (NYSE:AVY)

Victory Capital Management Inc. grew its position in shares of Avery Dennison Co. (NYSE:AVY) by 6.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,416,798 shares of the industrial products company’s stock after buying an additional 90,250 shares during the quarter. Victory Capital Management Inc. owned 1.76% of Avery Dennison worth $312,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in AVY. Intech Investment Management LLC raised its stake in shares of Avery Dennison by 3.3% in the second quarter. Intech Investment Management LLC now owns 1,559 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 50 shares during the period. Procyon Advisors LLC lifted its stake in shares of Avery Dennison by 4.0% during the third quarter. Procyon Advisors LLC now owns 1,442 shares of the industrial products company’s stock worth $319,000 after buying an additional 56 shares during the period. Bailard Inc. lifted its stake in Avery Dennison by 0.5% during the 2nd quarter. Bailard Inc. now owns 12,202 shares of the industrial products company’s stock valued at $2,668,000 after acquiring an additional 61 shares during the period. Legacy Wealth Asset Management LLC lifted its position in Avery Dennison by 4.5% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,479 shares of the industrial products company’s stock valued at $327,000 after purchasing an additional 64 shares during the period. Finally, Baker Avenue Asset Management LP raised its stake in shares of Avery Dennison by 7.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 1,041 shares of the industrial products company’s stock valued at $230,000 after buying an additional 69 shares during the last quarter. 94.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AVY. Citigroup dropped their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. downgraded Avery Dennison from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. StockNews.com cut Avery Dennison from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Barclays lowered their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, BMO Capital Markets lowered their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a 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 company. According to data from MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and an average price target of $244.96.

Insider Buying and Selling at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $212.90, for a total transaction of $2,129,000.00. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $64,745,870.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $212.90, for a total value of $2,129,000.00. Following the completion of the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $64,745,870.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Mitchell R. Butier sold 7,108 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $218.12, for a total value of $1,550,396.96. Following the completion of the sale, the chairman now directly owns 304,114 shares in the company, valued at approximately $66,333,345.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,108 shares of company stock valued at $7,940,597 in the last three months. 1.10% of the stock is currently owned by company insiders.

Avery Dennison Stock Performance

Shares of NYSE AVY traded down $0.18 during mid-day trading on Tuesday, hitting $204.40. The company had a trading volume of 82,578 shares, compared to its average volume of 465,632. The stock has a market cap of $16.42 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 1.58 and a beta of 0.89. The firm’s 50 day simple moving average is $214.22 and its two-hundred day simple moving average is $218.01. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.92 and a quick ratio of 0.62. Avery Dennison Co. has a 12 month low of $178.29 and a 12 month high of $233.48.

Avery Dennison (NYSE:AVY) last announced 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 firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the firm posted $2.10 EPS. Avery Dennison’s revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts forecast that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be given a $0.88 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 annualized dividend and a dividend yield of 1.72%. Avery Dennison’s dividend payout ratio (DPR) 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.