Park Avenue Securities LLC acquired a new position in Avery Dennison Corporation (NYSE:AVY) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,505 shares of the industrial products company’s stock, valued at approximately $307,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AVY. American Beacon Advisors Inc. bought a new position in Avery Dennison Corporation during the first quarter worth $105,000. Van ECK Associates Corp increased its position in 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 worth $107,000 after buying an additional 94 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in 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 worth $140,000 after buying an additional 303 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in Avery Dennison Corporation during the first quarter worth $171,000. Finally, Mn Services Vermogensbeheer B.V. increased its position in 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 worth $179,000 after buying an additional 107 shares in the last quarter. Institutional investors and hedge funds own 88.28% of the company’s stock.
Avery Dennison Corporation (NYSE AVY) opened at 93.04 on Friday. The firm has a 50-day moving average price of $92.57 and a 200 day moving average price of $84.71. Avery Dennison Corporation has a one year low of $68.55 and a one year high of $96.70. The firm has a market capitalization of $8.22 billion, a PE ratio of 21.86 and a beta of 1.18.
Avery Dennison Corporation (NYSE:AVY) last issued its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. Avery Dennison Corporation’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.09 EPS. Analysts anticipate that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend 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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A number of research analysts have weighed in on the company. BidaskClub downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Monday, June 5th. Barclays PLC reaffirmed an “overweight” rating and issued a $96.00 price objective (up from $95.00) on shares of Avery Dennison Corporation in a research report on Monday, May 1st. Bank of America Corporation raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the company from $90.00 to $96.00 in a research report on Tuesday, June 20th. Finally, Citigroup Inc. lifted their price target on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a 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 assigned a strong buy rating to the company’s stock. Avery Dennison Corporation has an average rating of “Buy” and a consensus price target of $91.67.
In related news, Director Patrick Siewert sold 10,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total value of $936,300.00. Following the completion of the transaction, the director now owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Deon Stander sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $84.50, for a total transaction of $422,500.00. Following the completion of the transaction, the vice president now directly owns 10,998 shares of the company’s stock, valued at approximately $929,331. The disclosure for this sale can be found here. Insiders sold a total of 21,248 shares of company stock valued at $1,890,817 in the last ninety days. 1.40% of the stock is currently owned by insiders.
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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