Lovins Gregory, SVP and CFO of Avery Dennison (NYSE: AVY), shows a Form 4 history almost entirely driven by compensation mechanics rather than discretionary trading. Across 39 filings covering a single company, there are zero open-market purchases (code P) and zero open-market sales (code S). The aggregated sell value of $657,516.8 reflects no voluntary market disposition; instead, the only sell-side events are automatic share withholdings (code F) to cover taxes on equity vesting. That pattern—no buys, no open-market sells, only forced tax-related liquidations—offers no direct signal of bullish or bearish sentiment.
The most recent activity cluster on March 1, 2026, illustrates the routine. Gregory exercised multiple option batches (code M) with values including $1,603,039.40, $503,311.52, $247,370.60, and $279,704.08, while simultaneously having shares withheld for taxes (code F) totaling $694,975.04, $207,830.26, $70,315.58, $47,721.10, $63,693.06, and $80,833.70 on the same date. A nearly identical structure appeared on March 1, 2025, with exercises of $467,462.94, $159,562.18, $211,003.68, and $263,941.66 paired with withholdings of $190,801.20, $47,700.30, $63,039.22, $78,939.32, and $74,075.76. Both dates also include zero-value awards (code A), representing restricted stock grants.
The net effect is a continuous refresh of Gregory’s equity stake through an annual vesting cycle, but the cashless nature of the exercises means no meaningful market signal emerges. With no P or S codes in recent filings, the $657,516.8 aggregate sell figure is best understood as an artifact of tax withholding rather than a directional bet on Avery Dennison’s stock.
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