AVY insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Nicholas Colisto SVP & CIO	3,886	$170.68	35%	7.1K	Sep 15, 2026	Sep 16, 2026

What stands out

Mitchell Butier sold 37% of vested holdings: 113K shares for $20.0M, all under a disclosed plan.Largest sale, Mar 11, 2026

Percentages cover 14 of 17 officers and directors. Left out: Deena Baker-Nel and Divina Santiago (holdings couldn't be fully reconciled); David Flitman (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Mitchell Butier

Director

37% · $20.0MDisclosed plan

Nicholas Colisto

SVP & CIO

41% · $663KNo plan disclosed

Ignacio Walker

SVP and Chief Legal Officer

31% · $522KNo plan disclosed

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Common questions

Is the Avery Dennison CEO selling stock?

No. Deon Stander reported no open-market sales in the past 12 months.

Why are Avery Dennison insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 94% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 6% had no disclosed plan. A trading plan schedules sales in advance.

Are any Avery Dennison insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Avery Dennison insiders sell?

About 22% overall. As a group they still hold 85% of their starting shares. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold3 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Mitchell Butier Director	$20.0M 113K shares	37%	Disclosed plan
Nicholas Colisto SVP & CIO	$663K 3.9K shares	41%	No plan disclosed
Ignacio Walker SVP and Chief Legal Officer	$522K 2.9K shares	31%	No plan disclosed

The full ownership picture15 of 17 insiders fully reconciled · 17 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Mitchell Butier

Minor difference of 125 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

308K

−113K

200K

65%

Vesting, gifts, unvested awards and holding lines for Mitchell Butier

+21Kshares vested or exercised

0gifted (net of own trusts)

−11Kwithheld by the company for taxes

1.8K → 1.8Kunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	303,331	11,613
Savings Plan	Common Stock (Savings Plan)	4,245	0
Trust	Common Stock (Trust)	0	188,297

Additional holdings last reported Jan 23, 2012, not confirmed since: 3,394 shares. Not included in any total or percentage on this page.

Savings Plan, Common Stock: 1,025 shares, last reported Jan 15, 2010
Savings Plan, Savings Plan: 2,369 shares, last reported Jan 23, 2012

Reconciliation: minor difference of 125 shares. Difference is under 0.5% of holdings.

Gregory Lovins

Minor difference of 47 shares. Difference is under 0.5% of holdings.

SVP and CFO

74K

84K

no sales

Vesting, gifts, unvested awards and holding lines for Gregory Lovins

+16Kshares vested or exercised

0gifted (net of own trusts)

−6Kwithheld by the company for taxes

0 → 4.3Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	72,135	81,685
Savings Plan	Common Stock (Savings Plan)	2,197	2,243

Reconciliation: minor difference of 47 shares. Difference is under 0.5% of holdings.

Deon Stander

President & CEO, Director

65K

73K

no sales

Vesting, gifts, unvested awards and holding lines for Deon Stander

+14Kshares vested or exercised

0gifted (net of own trusts)

−6Kwithheld by the company for taxes

0 → 17Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	65,144	73,351

Bradley Alford

Minor difference of 577 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

26K

28K

no sales

Vesting, gifts, unvested awards and holding lines for Bradley Alford

+1.1Kshares vested or exercised

0gifted (net of own trusts)

47K → 73Kunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	26,429	28,093

Reconciliation: minor difference of 577 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Danny Allouche

President, Materials Group

22K

23K

no sales

Vesting, gifts, unvested awards and holding lines for Danny Allouche

+2.4Kshares vested or exercised

0gifted (net of own trusts)

−988withheld by the company for taxes

2.7K → 8Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Trust	Common Stock	21,706	23,153

Patrick Siewert

Director

19K

no sales

Vesting, gifts, unvested awards and holding lines for Patrick Siewert

+1.1Kshares vested or exercised

0gifted (net of own trusts)

−327withheld by the company for taxes

1.1K → 1.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	18,524	19,284

Nicholas Colisto

SVP & CIO

9.4K

−3.9K

7.1K

76%

Vesting, gifts, unvested awards and holding lines for Nicholas Colisto

+2.2Kshares vested or exercised

0gifted (net of own trusts)

−558withheld by the company for taxes

0 → 1.5Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	9,388	7,126

Ignacio Walker

Minor difference of 29 shares. Difference is under 0.5% of holdings.

SVP and Chief Legal Officer

9.3K

−2.9K

8.2K

88%

Vesting, gifts, unvested awards and holding lines for Ignacio Walker

+2.3Kshares vested or exercised

0gifted (net of own trusts)

−591withheld by the company for taxes

0 → 3.7Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	8,744	7,585
Savings Plan	Common Stock (Savings Plan)	575	604

Reconciliation: minor difference of 29 shares. Difference is under 0.5% of holdings.

Deena Baker-Nel

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +125.7406 shares on Mar 1, 2026 (Savings Plan). See the filing Sales and other transactions for Deena Baker-Nel are complete.

SVP & Chief HR Officer

n/a

Vesting, gifts, unvested awards and holding lines for Deena Baker-Nel

+2.6Kshares vested or exercised

0gifted (net of own trusts)

−787withheld by the company for taxes

2.7K → 4.8Kunvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +125.7406 shares on Mar 1, 2026 (Savings Plan). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	5,347	7,125
Savings Plan	Common Stock (Savings Plan)	1,596	1,722

Ryan Yost

President, Materials Group

4.9K

6.2K

no sales

Vesting, gifts, unvested awards and holding lines for Ryan Yost

+1.8Kshares vested or exercised

0gifted (net of own trusts)

−512withheld by the company for taxes

3.2K → 5.6Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,889	6,164
Savings Plan	Common Stock (Savings Plan)	4	4

Andres Lopez

Director

4.1K

5.1K

no sales

Vesting, gifts, unvested awards and holding lines for Andres Lopez

+1.1Kshares vested or exercised

0gifted (net of own trusts)

4.7K → 6.6Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,060	5,147

William Wagner

Director

2.3K

3.4K

no sales

Vesting, gifts, unvested awards and holding lines for William Wagner

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 1.5Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	2,325	3,412

Francesca Reverberi

Director

1.4K

2.1K

no sales

Vesting, gifts, unvested awards and holding lines for Francesca Reverberi

+1.1Kshares vested or exercised

0gifted (net of own trusts)

−327withheld by the company for taxes

1.1K → 1.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	1,377	2,137

Maria Mejia

Director

976

2.1K

no sales

Vesting, gifts, unvested awards and holding lines for Maria Mejia

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 1.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	976	2,063

Divina Santiago

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +7.8673 shares on Mar 1, 2026 (Savings Plan). See the filing Sales and other transactions for Divina Santiago are complete.

VP Controller

n/a

Vesting, gifts, unvested awards and holding lines for Divina Santiago

+481shares vested or exercised

0gifted (net of own trusts)

−200withheld by the company for taxes

0 → 523unvested awards, start → end

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +7.8673 shares on Mar 1, 2026 (Savings Plan). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	487	768
Savings Plan	Common Stock (Savings Plan)	369	377

Ward Dickson

Director

753

1.8K

no sales

Vesting, gifts, unvested awards and holding lines for Ward Dickson

+1.1Kshares vested or exercised

0gifted (net of own trusts)

1.1K → 1.1Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	753	1,840

David Flitman

Director

765

no sales

Vesting, gifts, unvested awards and holding lines for David Flitman

+765shares vested or exercised

0gifted (net of own trusts)

765 → 1.8Kunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	0	765

15 of 17 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (11 exactly, 4 with a minor or footnoted difference). For 2 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 14 of 17 officers and directors. Left out: Deena Baker-Nel and Divina Santiago (holdings couldn't be fully reconciled); David Flitman (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$21.2M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $21.2M across 119,784 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $20.0M · 94%

The lighter segment is sales with no plan disclosed in the filing ($1.2M), including tax-related sales outside a plan.

No plan disclosed · $1.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $663K of it is Nicholas Colisto. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Nicholas Colisto, Sep 15, 2026

Taxes

27,469 shares ($5.3M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Mitchell Butier Director	113K	$20.0M	100%	94%	Mar 5, 2026 to Mar 12, 2026
Nicholas Colisto SVP & CIO	3.9K	$663K	0%	3%	Sep 15, 2026 to Sep 15, 2026
Ignacio Walker SVP and Chief Legal Officer	2.9K	$522K	0%	2%	Feb 6, 2026 to Aug 4, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$223K	$0	$0	$223K
Mar 2026	$20.0M	$20.0M	$0	$0
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$0	$0	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$299K	$0	$0	$299K
Sep 2026	$663K	$0	$0	$663K
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 2x the 5-year average. 3 insiders sold; the average is 6 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	120K	3	$21.2M
Oct 8, 2025 1 year earlier	25K	2	$4.6M
Oct 8, 2024 2 years earlier	196K	7	$41.8M
Oct 9, 2023 3 years earlier	23K	7	$4.2M
Oct 9, 2022 4 years earlier	11K	3	$2.2M
Oct 9, 2021 5 years earlier	46K	10	$7.6M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty2 insiders whose holdings couldn't be fully reconciled

Deena Baker-Nel: holdings couldn't be fully reconciled (difference of 126 shares). Balance changed with no matching transaction and no footnote: +125.7406 shares on Mar 1, 2026 (Savings Plan). Filing, Mar 1, 2026

Divina Santiago: holdings couldn't be fully reconciled (difference of 8 shares). Balance changed with no matching transaction and no footnote: +7.8673 shares on Mar 1, 2026 (Savings Plan). Filing, Mar 1, 2026

Mitchell Butier: minor difference of 125 shares. Difference is under 0.5% of holdings.

Gregory Lovins: minor difference of 47 shares. Difference is under 0.5% of holdings.

Bradley Alford: minor difference of 577 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Ignacio Walker: minor difference of 29 shares. Difference is under 0.5% of holdings.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,347 filings from SEC EDGAR, and how we read them

All 1,347 Forms 3, 4 and 5 filed for Avery Dennison (SEC CIK 8818) from May 21, 2003 to Sep 16, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (42)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Francisco Melo	Mar 4, 2025	16,351 shares, last reported balance as of Mar 1, 2025
Ken Hicks	May 3, 2024	30,903 shares, last reported balance as of May 1, 2024
Martha Sullivan	May 3, 2024	18,561 shares, last reported balance as of May 1, 2024
Julia Stewart	Feb 9, 2024	10,698 shares, last reported balance as of Feb 7, 2024
Hassan Rmaile	May 5, 2023	13,370 shares, last reported balance as of Apr 27, 2023
Anthony Anderson	May 3, 2023	1,488 shares, last reported balance as of May 1, 2023
Lori Bondar	Mar 3, 2023	41,338 shares, last reported balance as of Mar 1, 2023
Mark Barrenechea	Apr 29, 2022	4,536 shares, last reported balance as of Apr 28, 2022
Peter Barker	Oct 27, 2020	31,160 shares, last reported balance as of Oct 23, 2020
Anne Hill	Oct 27, 2020	21,989 shares, last reported balance as of Oct 23, 2020
Susan Miller	Oct 27, 2020	21,307 shares, last reported balance as of Oct 23, 2020
David Pyott	Apr 24, 2020	18,684 shares, last reported balance as of Apr 23, 2020
Georges Gravanis	Jul 26, 2019	13,637 shares, last reported balance as of Jul 26, 2019
Dean Scarborough	Apr 26, 2019	116,264 shares, last reported balance as of Apr 25, 2019
Michael Johansen	Feb 26, 2018	21,346 shares, last reported balance as of Feb 22, 2018
Anne Bramman	Jun 5, 2017	6,553 shares, last reported balance as of Jun 1, 2017
Shawn Neville	May 15, 2015	5,917 shares, last reported balance as of May 14, 2015
Rolf Borjesson	Apr 27, 2015	14,181 shares, last reported balance as of Apr 23, 2015
Donald Nolan	Aug 28, 2014	22,056 shares, last reported balance as of Aug 27, 2014
Charles Noski	Aug 4, 2014	9,054 shares, last reported balance as of Jul 31, 2014
John Cardis	May 2, 2014	17,951 shares, last reported balance as of May 1, 2014
Timothy Bond	Aug 7, 2013	15,590 shares, last reported balance as of Jul 31, 2013
Peter Mullin	Apr 26, 2013	100,984 shares, last reported balance as of Apr 25, 2013
Karyn Rodriguez	Mar 14, 2013	16,466 shares, last reported balance as of Mar 14, 2013
Timothy Clyde	Mar 4, 2013	36,161 shares, last reported balance as of Mar 4, 2013
Debra Reed	Aug 15, 2011	4,566 shares, last reported balance as of Aug 12, 2011
Diane Dixon	Feb 28, 2011	11,570 shares, last reported balance as of Feb 24, 2011
Robert Malchione	Feb 28, 2011	27,606 shares, last reported balance as of Feb 24, 2011
John Sallay	Feb 28, 2011	344 shares, last reported balance as of Dec 31, 2009
Bryant O	Dec 15, 2010	43,002 shares, last reported balance as of Dec 31, 2009
Kent Kresa	Apr 26, 2010	4,700 shares, last reported balance as of Jun 30, 2009
Richard Ferry	Apr 26, 2010	44,016 shares, last reported balance as of Jun 30, 2009
Terrence Hemmelgarn	Mar 2, 2009	3,422 shares, last reported balance as of Dec 31, 2008
Robert Van Schoonenberg	Feb 4, 2009	45,267 shares, last reported balance as of Dec 31, 2008
Christian Simcic	Jan 15, 2008	8,827 shares, last reported balance as of Dec 31, 2007
Michael Skovran	Dec 8, 2006	6,021 shares, last reported balance as of Dec 7, 2006
Sandra Lin	Dec 8, 2006	225 shares, last reported balance as of Dec 7, 2006
Simon Coulson	Dec 9, 2005	4,391 shares, last reported balance as of Dec 1, 2005
Philip Neal	Nov 14, 2005	245,466 shares, last reported balance as of Nov 14, 2005
Frank Cahouet	Jun 30, 2005	49,633 shares, last reported balance as of Apr 28, 2005
Bruce Karatz	Jun 30, 2005	1,600 shares, last reported balance as of Apr 22, 2004
Charles Miller	Apr 29, 2005	96,833 shares, last reported balance as of Apr 28, 2005

Avery Dennison insiders sold $21.2M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Avery Dennison CEO selling stock?

Why are Avery Dennison insiders selling?

Are any Avery Dennison insiders buying?

How much of their stake did Avery Dennison insiders sell?

The evidence

No plan disclosed · $1.2M

Taxes

Sales by month