Pictet Asset Management Holding SA Buys 6,707 Shares of Avery Dennison Co. (NYSE:AVY)

Pictet Asset Management Holding SA boosted its stake in shares of Avery Dennison Co. (NYSE:AVY) by 14.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,966 shares of the industrial products company’s stock after purchasing an additional 6,707 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of Avery Dennison worth $9,724,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of AVY. Nomura Asset Management Co. Ltd. lifted its stake in shares of Avery Dennison by 1.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 25,855 shares of the industrial products company’s stock valued at $4,838,000 after buying an additional 319 shares during the period. Norges Bank bought a new stake in shares of Avery Dennison in the 4th quarter worth approximately $188,643,000. UniSuper Management Pty Ltd grew its holdings in shares of Avery Dennison by 30.0% during the 4th quarter. UniSuper Management Pty Ltd now owns 11,184 shares of the industrial products company’s stock worth $2,093,000 after purchasing an additional 2,582 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Avery Dennison by 6.3% during the 4th quarter. JPMorgan Chase & Co. now owns 446,530 shares of the industrial products company’s stock worth $83,559,000 after purchasing an additional 26,298 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Avery Dennison by 16.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 132,180 shares of the industrial products company’s stock valued at $24,465,000 after purchasing an additional 18,235 shares during the period. 94.17% of the stock is owned by institutional investors.

Avery Dennison Price Performance

Shares of AVY stock opened at $180.55 on Thursday. The stock’s fifty day moving average is $182.57 and its 200-day moving average is $195.76. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.73 and a current ratio of 1.08. Avery Dennison Co. has a 52 week low of $173.02 and a 52 week high of $233.48. The stock has a market capitalization of $14.26 billion, a PE ratio of 20.71, a PEG ratio of 2.07 and a beta of 0.85.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.39 by ($0.01). Avery Dennison had a net margin of 8.05% and a return on equity of 33.06%. Equities research analysts expect that Avery Dennison Co. will post 9.96 EPS for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.95%. The ex-dividend date was Wednesday, March 5th. Avery Dennison’s dividend payout ratio is 40.37%.

Insider Buying and Selling at Avery Dennison

In other news, Chairman Mitchell R. Butier sold 12,969 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $181.85, for a total transaction of $2,358,412.65. Following the completion of the sale, the chairman now owns 303,331 shares in the company, valued at $55,160,742.35. The trade was a 4.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup decreased their price target on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Truist Financial reiterated a “buy” rating and set a $215.00 target price (down from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Bank of America dropped their price target on shares of Avery Dennison from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Raymond James reaffirmed an “outperform” rating and set a $208.00 price objective (down from $218.00) on shares of Avery Dennison in a report on Friday, January 31st. Finally, BMO Capital Markets set a $226.00 target price on Avery Dennison in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $222.51.

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.