Highstreet Asset Management Inc. cut its position in Avery Dennison Corporation (NYSE:AVY) by 66.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,394 shares of the industrial products company’s stock after selling 8,766 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Avery Dennison Corporation were worth $432,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Acrospire Investment Management LLC bought a new position in Avery Dennison Corporation in the second quarter worth about $129,000. Captrust Financial Advisors bought a new position in Avery Dennison Corporation in the second quarter worth about $130,000. Pacad Investment Ltd. bought a new position in Avery Dennison Corporation in the second quarter worth about $141,000. Advisor Partners LLC bought a new position in Avery Dennison Corporation in the second quarter worth about $207,000. Finally, GW Henssler & Associates Ltd. bought a new position in Avery Dennison Corporation in the second quarter worth about $207,000. Institutional investors and hedge funds own 86.76% of the company’s stock.
In other news, Director Patrick Siewert sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total transaction of $936,300.00. Following the sale, the director now owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David E. I. Pyott sold 298 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $94.00, for a total value of $28,012.00. Following the sale, the director now directly owns 16,601 shares in the company, valued at approximately $1,560,494. The disclosure for this sale can be found here. Insiders have sold a total of 42,298 shares of company stock worth $4,297,712 in the last three months. Corporate insiders own 1.40% of the company’s stock.
A number of equities analysts have commented on AVY shares. Robert W. Baird reiterated a “buy” rating and issued a $100.00 target price on shares of Avery Dennison Corporation in a report on Friday, September 1st. KeyCorp reiterated a “hold” rating on shares of Avery Dennison Corporation in a report on Friday, September 22nd. Loop Capital boosted their target price on shares of Avery Dennison Corporation from $99.00 to $106.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Zacks Investment Research downgraded shares of Avery Dennison Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Citigroup Inc. boosted their target price on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $105.29.
Shares of Avery Dennison Corporation (NYSE:AVY) opened at 105.25 on Tuesday. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of 24.72 and a beta of 1.19. The stock’s 50 day moving average price is $99.75 and its 200-day moving average price is $91.35. Avery Dennison Corporation has a 52 week low of $68.68 and a 52 week high of $106.24.
Avery Dennison Corporation (NYSE:AVY) last issued its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.05. Avery Dennison Corporation had a return on equity of 40.49% and a net margin of 6.27%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the company earned $1.01 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis. Equities analysts anticipate that Avery Dennison Corporation will post $4.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Tuesday, December 5th. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 40.18%.
About Avery Dennison Corporation
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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