Park Avenue Securities LLC acquired a new stake in Avery Dennison Corporation (NYSE:AVY) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,505 shares of the industrial products company’s stock, valued at approximately $307,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. American Beacon Advisors Inc. purchased a new stake in shares of Avery Dennison Corporation during the first quarter valued at $105,000. Van ECK Associates Corp increased its stake in shares of Avery Dennison Corporation by 7.7% in the first quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock valued at $107,000 after buying an additional 94 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in shares of Avery Dennison Corporation by 21.1% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,737 shares of the industrial products company’s stock valued at $140,000 after buying an additional 303 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of Avery Dennison Corporation during the first quarter valued at $171,000. Finally, Mn Services Vermogensbeheer B.V. increased its stake in shares of Avery Dennison Corporation by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,373 shares of the industrial products company’s stock valued at $179,000 after buying an additional 107 shares during the last quarter. 87.60% of the stock is currently owned by institutional investors.
Shares of Avery Dennison Corporation (NYSE:AVY) traded up 1.19% during mid-day trading on Friday, hitting $93.02. 502,965 shares of the company traded hands. Avery Dennison Corporation has a 52-week low of $68.55 and a 52-week high of $96.70. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 21.85 and a beta of 1.18. The firm has a 50-day moving average price of $91.65 and a 200 day moving average price of $83.86.
Avery Dennison Corporation (NYSE:AVY) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.10. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the firm posted $1.09 EPS. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.94%. Avery Dennison Corporation’s dividend payout ratio (DPR) is 42.25%.
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Several brokerages have recently weighed in on AVY. BidaskClub downgraded shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison Corporation in a report on Wednesday, April 26th. Barclays PLC reaffirmed an “overweight” rating and issued a $96.00 target price (up previously from $95.00) on shares of Avery Dennison Corporation in a report on Monday, May 1st. Zacks Investment Research raised shares of Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a report on Monday, May 22nd. Finally, Aegis reaffirmed a “hold” rating on shares of Avery Dennison Corporation in a report on Thursday, June 1st. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $91.67.
In other Avery Dennison Corporation news, Director Anthony Anderson sold 950 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $84.42, for a total transaction of $80,199.00. Following the completion of the sale, the director now directly owns 7,492 shares of the company’s stock, valued at $632,474.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Deon Stander sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $84.50, for a total transaction of $422,500.00. Following the sale, the vice president now directly owns 10,998 shares of the company’s stock, valued at $929,331. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,198 shares of company stock valued at $1,971,016. Insiders own 1.40% of the company’s stock.
Avery Dennison Corporation Company Profile
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The Company’s segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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