AlphaQuest LLC Has $3.44 Million Position in Avery Dennison Co. (NYSE:AVY)

AlphaQuest LLC boosted its position in Avery Dennison Co. (NYSE:AVY) by 88.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,377 shares of the industrial products company’s stock after acquiring an additional 8,624 shares during the quarter. Avery Dennison comprises approximately 0.5% of AlphaQuest LLC’s portfolio, making the stock its 5th largest holding. AlphaQuest LLC’s holdings in Avery Dennison were worth $3,439,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its position in Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company’s stock valued at $31,000 after buying an additional 71 shares in the last quarter. Kennebec Savings Bank bought a new stake in Avery Dennison in the 3rd quarter valued at about $36,000. Peterson Financial Group Inc. bought a new stake in Avery Dennison in the 3rd quarter valued at about $39,000. Regents Gate Capital LLP bought a new stake in Avery Dennison in the 4th quarter valued at about $37,000. Finally, Brooklyn Investment Group bought a new stake in Avery Dennison in the 3rd quarter valued at about $66,000. 94.17% of the stock is owned by institutional investors.

Insider Activity at Avery Dennison

In related news, Chairman Mitchell R. Butier sold 12,969 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total value of $2,358,412.65. Following the transaction, the chairman now owns 303,331 shares in the company, valued at approximately $55,160,742.35. This represents a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is owned by company insiders.

Avery Dennison Price Performance

Shares of NYSE AVY opened at $183.94 on Friday. Avery Dennison Co. has a twelve month low of $178.72 and a twelve month high of $233.48. The stock’s 50 day moving average price is $186.11 and its 200-day moving average price is $200.82. The company has a market capitalization of $14.53 billion, a PE ratio of 21.09, a PEG ratio of 2.07 and a beta of 0.85. The company has a quick ratio of 0.73, a current ratio of 1.08 and a debt-to-equity ratio of 1.10.

Avery Dennison (NYSE:AVY) last announced its earnings results on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.01). Avery Dennison had a return on equity of 33.06% and a net margin of 8.05%. On average, equities analysts anticipate that Avery Dennison Co. will post 9.96 EPS for the current year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be paid a $0.88 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $3.52 annualized dividend and a yield of 1.91%. Avery Dennison’s payout ratio is 40.37%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Truist Financial reissued a “buy” rating and set a $215.00 price objective (down from $245.00) on shares of Avery Dennison in a report on Friday, January 31st. Citigroup decreased their price objective on Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Barclays decreased their price objective on Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. UBS Group decreased their price objective on Avery Dennison from $235.00 to $207.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, Robert W. Baird set a $220.00 price objective on Avery Dennison in a report on Friday, January 31st. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $222.51.

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.