Sumitomo Life Insurance Co. Raises Position in Avery Dennison Corporation (NYSE:AVY)

Sumitomo Life Insurance Co. increased its position in Avery Dennison Corporation (NYSE:AVY) by 10.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,218 shares of the industrial products company’s stock after buying an additional 1,937 shares during the period. Sumitomo Life Insurance Co.’s holdings in Avery Dennison Corporation were worth $1,787,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Avery Dennison Corporation by 3,215.2% in the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock worth $556,829,000 after buying an additional 6,700,152 shares during the last quarter. Congress Asset Management Co. MA purchased a new stake in shares of Avery Dennison Corporation during the second quarter worth $71,964,000. Westfield Capital Management Co. LP purchased a new stake in shares of Avery Dennison Corporation during the first quarter worth $51,499,000. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Avery Dennison Corporation during the first quarter worth $31,288,000. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Avery Dennison Corporation during the first quarter worth $31,288,000. 88.28% of the stock is owned by institutional investors.

Shares of Avery Dennison Corporation (NYSE AVY) opened at 93.04 on Friday. Avery Dennison Corporation has a 12-month low of $68.55 and a 12-month high of $96.70. The company has a 50 day moving average price of $92.57 and a 200-day moving average price of $84.71. The firm has a market cap of $8.22 billion, a PE ratio of 21.86 and a beta of 1.18.

Avery Dennison Corporation (NYSE:AVY) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping 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 business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. Analysts expect that Avery Dennison Corporation will post $4.83 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Friday, September 1st. Avery Dennison Corporation’s dividend payout ratio is currently 42.25%.

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Several research analysts recently commented on AVY shares. BidaskClub downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a report on Monday, June 5th. Barclays PLC reissued an “overweight” rating and issued a $96.00 target price (up from $95.00) on shares of Avery Dennison Corporation in a report on Monday, May 1st. KeyCorp restated a “hold” rating on shares of Avery Dennison Corporation in a research report on Wednesday, April 26th. Finally, Citigroup Inc. boosted their price target on Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $91.67.

In related news, Director Patrick Siewert sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total transaction of $936,300.00. Following the transaction, the director now directly owns 10,519 shares of the company’s stock, valued at $984,893.97. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anthony Anderson sold 6,248 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $85.15, for a total transaction of $532,017.20. Following the completion of the transaction, the director now directly owns 1,244 shares in the company, valued at $105,926.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,248 shares of company stock valued at $1,890,817. Corporate 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).

Institutional Ownership by Quarter for Avery Dennison Corporation (NYSE:AVY)

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