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

Victory Capital Management Inc. grew its position in Avery Dennison Co. (NYSE:AVY) by 6.8% in the third quarter, HoldingsChannel.com reports. The fund 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.’s holdings in Avery Dennison were worth $312,772,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVY. Cetera Investment Advisers increased its stake in shares of Avery Dennison by 195.2% in the 1st quarter. Cetera Investment Advisers now owns 17,863 shares of the industrial products company’s stock valued at $3,988,000 after buying an additional 11,811 shares during the period. Natixis raised its holdings in Avery Dennison by 365.9% during the 1st quarter. Natixis now owns 4,552 shares of the industrial products company’s stock worth $1,016,000 after purchasing an additional 3,575 shares during the last quarter. SG Americas Securities LLC lifted its position in Avery Dennison by 86.5% during the 2nd quarter. SG Americas Securities LLC now owns 32,538 shares of the industrial products company’s stock valued at $7,114,000 after purchasing an additional 15,092 shares during the period. McElhenny Sheffield Capital Management LLC bought a new position in shares of Avery Dennison in the 2nd quarter valued at about $543,000. Finally, Swedbank AB grew its position in shares of Avery Dennison by 1.0% during the 2nd quarter. Swedbank AB now owns 462,083 shares of the industrial products company’s stock worth $101,034,000 after buying an additional 4,673 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Stock Performance

Shares of AVY traded down $0.18 during midday trading on Tuesday, reaching $204.40. 82,578 shares of the stock were exchanged, compared to its average volume of 465,632. Avery Dennison Co. has a twelve month low of $178.29 and a twelve month high of $233.48. The company has a market cap of $16.42 billion, a P/E ratio of 24.63, a PEG ratio of 1.58 and a beta of 0.89. The stock’s 50 day simple moving average is $214.22 and its 200 day simple moving average is $218.01. The company has a quick ratio of 0.62, a current ratio of 0.92 and a debt-to-equity ratio of 0.85.

Avery Dennison (NYSE:AVY) last issued its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.01. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.10 earnings per share. On average, sell-side analysts expect that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.88 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $3.52 dividend on an annualized basis and a yield of 1.72%. Avery Dennison’s dividend payout ratio (DPR) is 42.26%.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 7,108 shares of the 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 transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This represents a 0.00 % 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 the SEC website. In related news, Chairman Mitchell R. Butier sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $211.91, for a total value of $2,119,100.00. Following the completion of the transaction, the chairman now owns 304,114 shares in the company, valued at $64,444,797.74. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Mitchell R. Butier sold 7,108 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $218.12, for a total transaction of $1,550,396.96. Following the completion of the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $66,333,345.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,108 shares of company stock worth $7,940,597 over the last three months. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on AVY shares. BMO Capital Markets lowered their target price on shares of Avery Dennison from $252.00 to $247.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Citigroup reduced their price target on shares of Avery Dennison from $241.00 to $240.00 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. StockNews.com downgraded Avery Dennison from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Barclays cut their target price on Avery Dennison from $250.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.96.

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.