{
  "docId": "019dd923-622c-750b-8b98-ff42cd6c571b",
  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 79,
  "pageCount": 89,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 13,
  "notes": "The red arrow emphasizes the downward trend in insider ownership.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ff42cd6c571b/79",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ff42cd6c571b#slide-79",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Avery talks up its stock ownership policy that requires Directors and management to own minimum amounts of stock. However, what it doesn't say is that AVY insiders own just 1.1% of the total shares, and their overall ownership has declined materially in the past few years as we believe the business has become less competitive and under greater financial pressures.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7dc-b5242775ff99",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Beneficial Ownership of Insiders",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be1485d0-b4a8-417a-805f-a3410fb78a1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Beneficial Ownership of Insiders: 1.1%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7dc-ba0edd90b0f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.025,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Avery talks up its stock ownership policy that requires Directors and management to own minimum amounts of stock. However, what it doesn't say is that AVY insiders own just 1.1% of the total shares, and their overall ownership has declined materially in the past few years as we believe the business has become less competitive and under greater financial pressures.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39f1c4ea-92c6-4c27-8405-6b3134c42ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.06,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Avery Proxy Statements",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbb9b210-0a37-4e36-acc7-95704e43fcac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.438,
        "x": 0.313,
        "y": 0.045
      },
      "kind": "title",
      "text": "Declining Insider Alignment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7bc9cbc5-2a23-49bb-aadd-5b6d67e7ffd7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "c6145cf0-02e1-42b6-896d-a67ea8e5005f",
      "evidence": "Contrasts company policy claims with actual insider ownership data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}