KLP Kapitalforvaltning AS Makes New Investment in Avery Dennison Co. (NYSE:AVY)

KLP Kapitalforvaltning AS acquired a new stake in Avery Dennison Co. (NYSE:AVY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 27,659 shares of the industrial products company’s stock, valued at approximately $5,176,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Nordea Investment Management AB lifted its holdings in Avery Dennison by 485.2% in the fourth quarter. Nordea Investment Management AB now owns 35,630 shares of the industrial products company’s stock valued at $6,715,000 after acquiring an additional 29,541 shares during the period. Meyer Handelman Co. purchased a new position in shares of Avery Dennison during the 4th quarter valued at approximately $4,263,000. JPMorgan Chase & Co. lifted its stake in shares of Avery Dennison by 12.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 420,232 shares of the industrial products company’s stock valued at $92,771,000 after purchasing an additional 46,390 shares during the period. Unigestion Holding SA purchased a new stake in Avery Dennison during the third quarter worth $6,701,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in Avery Dennison during the fourth quarter valued at $218,000. Institutional investors and hedge funds own 94.17% of the company’s stock.

Avery Dennison Trading Down 0.9 %

Shares of AVY opened at $175.38 on Wednesday. Avery Dennison Co. has a 52-week low of $173.02 and a 52-week high of $233.48. The stock has a market cap of $13.85 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 2.07 and a beta of 0.85. The firm’s fifty day moving average is $184.10 and its two-hundred day moving average is $197.31. 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 posted 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 return on equity of 33.06% and a net margin of 8.05%. Research analysts forecast that Avery Dennison Co. will post 9.96 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, March 5th. This represents a $3.52 dividend on an annualized basis and a yield of 2.01%. Avery Dennison’s payout ratio is 40.37%.

Insiders Place Their Bets

In other news, Chairman Mitchell R. Butier sold 12,969 shares of Avery Dennison 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Barclays decreased their price objective on shares of Avery Dennison from $245.00 to $225.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. BMO Capital Markets set a $226.00 price target on Avery Dennison in a research report on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $208.00 price objective (down from $218.00) on shares of Avery Dennison in a research report on Friday, January 31st. Truist Financial reiterated a “buy” rating and set a $215.00 target price (down previously from $245.00) on shares of Avery Dennison in a research report on Friday, January 31st. Finally, Citigroup cut their price target on shares of Avery Dennison from $228.00 to $202.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Avery Dennison currently has an average rating of “Moderate Buy” and a consensus 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.