Cumberland Partners Ltd Decreases Stake in Avery Dennison Co. (NYSE:AVY)

Cumberland Partners Ltd lowered its stake in shares of Avery Dennison Co. (NYSE:AVY) by 92.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,265 shares of the industrial products company’s stock after selling 27,789 shares during the period. Cumberland Partners Ltd’s holdings in Avery Dennison were worth $424,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Empirical Finance LLC grew its holdings in shares of Avery Dennison by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 2,822 shares of the industrial products company’s stock worth $623,000 after purchasing an additional 55 shares during the period. Greenleaf Trust grew its position in Avery Dennison by 4.4% in the 4th quarter. Greenleaf Trust now owns 1,352 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 57 shares in the last quarter. AdvisorNet Financial Inc increased its stake in Avery Dennison by 18.8% during the fourth quarter. AdvisorNet Financial Inc now owns 367 shares of the industrial products company’s stock worth $69,000 after purchasing an additional 58 shares during the period. Lindenwold Advisors INC lifted its position in shares of Avery Dennison by 0.6% during the third quarter. Lindenwold Advisors INC now owns 10,266 shares of the industrial products company’s stock worth $2,266,000 after purchasing an additional 59 shares in the last quarter. Finally, Cynosure Group LLC boosted its stake in shares of Avery Dennison by 3.6% in the third quarter. Cynosure Group LLC now owns 1,712 shares of the industrial products company’s stock valued at $378,000 after purchasing an additional 59 shares during the period. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on AVY. StockNews.com lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. BMO Capital Markets reduced their price objective on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. JPMorgan Chase & Co. raised Avery Dennison from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $210.00 to $205.00 in a research note on Friday, January 31st. Bank of America decreased their price objective on Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Truist Financial restated a “buy” rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research note on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.15.

Avery Dennison Stock Up 0.8 %

AVY stock opened at $184.38 on Friday. The stock has a market cap of $14.81 billion, a P/E ratio of 21.14, a PEG ratio of 2.06 and a beta of 0.89. The company has a current ratio of 1.08, a quick ratio of 0.73 and a debt-to-equity ratio of 1.10. Avery Dennison Co. has a twelve month low of $178.72 and a twelve month high of $233.48. The company’s 50 day moving average is $187.22 and its two-hundred day moving average is $202.71.

Avery Dennison (NYSE:AVY) last announced its quarterly 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 net margin of 8.05% and a return on equity of 33.06%. Research analysts expect that Avery Dennison Co. will post 9.97 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

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

Insiders Place Their Bets

In other news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total value of $757,874.00. Following the completion of the sale, the senior vice president now directly owns 7,126 shares of the company’s stock, valued at approximately $1,467,956. This represents a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Avery Dennison Company 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.