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Avery Dennison Corp (AVY): Are Hedge Funds Right About This Stock?

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Should Avery Dennison Corp (NYSE:AVY) investors track the following data?

To the average investor, there are dozens of indicators shareholders can use to monitor publicly traded companies. Two of the most useful are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the best hedge fund managers can outclass the S&P 500 by a significant margin (see just how much).

Equally as key, optimistic insider trading sentiment is another way to analyze the stock market universe. As the old adage goes: there are a variety of motivations for an executive to drop shares of his or her company, but just one, very clear reason why they would behave bullishly. Plenty of empirical studies have demonstrated the market-beating potential of this strategy if investors understand where to look (learn more here).

Furthermore, let’s examine the newest info for Avery Dennison Corp (NYSE:AVY).

Avery Dennison Corp (NYSE:AVY)

Hedge fund activity in Avery Dennison Corp (NYSE:AVY)

In preparation for the third quarter, a total of 18 of the hedge funds we track held long positions in this stock, a change of 0% from the previous quarter. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their stakes meaningfully.

When using filings from the hedgies we track, AQR Capital Management, managed by Cliff Asness, holds the most valuable position in Avery Dennison Corp (NYSE:AVY). AQR Capital Management has a $62.1 million position in the stock, comprising 0.2% of its 13F portfolio. The second largest stake is held by Winton Capital Management, managed by David Harding, which held a $40.3 million position; the fund has 0.5% of its 13F portfolio invested in the stock. Other hedge funds that hold long positions include Donald Chiboucis’s Columbus Circle Investors, Jim Simons’s Renaissance Technologies and Steven Cohen’s SAC Capital Advisors.

Judging by the fact that Avery Dennison Corp (NYSE:AVY) has experienced declining interest from upper-tier hedge fund managers, it’s easy to see that there exists a select few hedgies that slashed their full holdings heading into Q2. Interestingly, Jeffrey Vinik’s Vinik Asset Management cut the biggest stake of the 450+ funds we watch, valued at close to $18.7 million in stock, and Mike Vranos of Ellington was right behind this move, as the fund said goodbye to about $0.3 million worth. These transactions are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

What have insiders been doing with Avery Dennison Corp (NYSE:AVY)?

Bullish insider trading is most useful when the company we’re looking at has seen transactions within the past six months. Over the latest half-year time frame, Avery Dennison Corp (NYSE:AVY) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

We’ll also review the relationship between both of these indicators in other stocks similar to Avery Dennison Corp (NYSE:AVY). These stocks are SPX Corporation (NYSE:SPW), Dresser-Rand Group Inc. (NYSE:DRC), IDEX Corporation (NYSE:IEX), Colfax Corp (NYSE:CFX), and Nordson Corporation (NASDAQ:NDSN). This group of stocks are in the diversified machinery industry and their market caps are closest to AVY’s market cap.

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