Deon Stander, President and CEO of Avery Dennison (AVY), has filed 54 Form 4 transactions with the SEC, all concentrated in a single company. The pattern is overwhelmingly mechanical and compensation-driven rather than discretionary. Across all filings, there are zero open-market purchases (code P) and zero open-market sales (code S), meaning Stander has not voluntarily bought or sold a single share of AVY stock on the open market during the covered period. The total dollar value of both buy and sell activity is recorded as zero, underscoring that his entire footprint consists of automatic or administrative events.
The most recent cluster of trades, all dated March 1, 2026, illustrates this dynamic clearly. Stander received two grants (code A) valued at $0, exercised options (code M) totaling roughly $2.76 million, and had shares withheld to cover taxes (code F) totaling about $1.17 million. The March 1, 2025 filings show the same structure: two grants, option exercises worth approximately $3.39 million, and tax withholdings of roughly $1.53 million. These transactions are purely mechanical—option exercises convert existing awards into shares, while the F-code withholdings automatically surrender a portion of those shares to satisfy tax obligations. No cash changes hands in the grants, and no discretionary selling occurs.
The absence of any P or S codes is notable for a CEO with this many filings. Stander is neither accumulating shares through open-market purchases nor trimming his position through sales. His equity stake is being built exclusively through compensation awards and option exercises, with the tax-withholding mechanics reducing the net share gain each cycle. For investors tracking insider conviction, the data shows a leader who is not actively betting on or against the stock with his own capital—his holdings fluctuate purely as a function of the company’s equity compensation plan.
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