State of Tennessee Treasury Department lifted its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 265.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 490,850 shares of the industrial products company’s stock after purchasing an additional 356,628 shares during the period. State of Tennessee Treasury Department owned about 0.56% of Avery Dennison Corporation worth $48,270,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. State of Wisconsin Investment Board lifted its holdings in Avery Dennison Corporation by 11.1% in the third quarter. State of Wisconsin Investment Board now owns 94,871 shares of the industrial products company’s stock worth $9,330,000 after acquiring an additional 9,462 shares during the last quarter. Old Mutual Global Investors UK Ltd. lifted its holdings in Avery Dennison Corporation by 3.8% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 713,424 shares of the industrial products company’s stock worth $70,158,000 after acquiring an additional 26,177 shares during the last quarter. Middleton & Co Inc MA bought a new position in Avery Dennison Corporation in the third quarter worth about $1,257,000. Canada Pension Plan Investment Board lifted its holdings in Avery Dennison Corporation by 350,000.0% in the third quarter. Canada Pension Plan Investment Board now owns 35,010 shares of the industrial products company’s stock worth $3,443,000 after acquiring an additional 35,000 shares during the last quarter. Finally, Conning Inc. bought a new position in Avery Dennison Corporation in the third quarter worth about $200,000. 86.56% of the stock is currently owned by hedge funds and other institutional investors.
Avery Dennison Corporation (AVY) traded down $1.24 on Monday, hitting $106.85. The stock had a trading volume of 113,064 shares, compared to its average volume of 666,434. The company has a market cap of $9,515.85, a P/E ratio of 23.15, a PEG ratio of 3.13 and a beta of 1.22. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82.
Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Avery Dennison Corporation had a return on equity of 40.52% and a net margin of 6.27%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. analysts forecast that Avery Dennison Corporation will post 4.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, December 5th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.68%. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 40.18%.
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In other news, VP Susan C. Miller sold 6,518 shares of Avery Dennison Corporation stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $105.17, for a total transaction of $685,498.06. Following the sale, the vice president now owns 13,409 shares of the company’s stock, valued at $1,410,224.53. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mitchell R. Butier sold 77,551 shares of Avery Dennison Corporation stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $106.31, for a total value of $8,244,446.81. Following the sale, the insider now directly owns 130,673 shares in the company, valued at approximately $13,891,846.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,647 shares of company stock worth $13,813,895. Corporate insiders own 1.40% of the company’s stock.
A number of equities analysts have issued reports on AVY shares. Robert W. Baird reissued a “buy” rating and issued a $100.00 target price on shares of Avery Dennison Corporation in a report on Friday, September 1st. Loop Capital started coverage on shares of Avery Dennison Corporation in a report on Thursday, September 28th. They issued a “hold” rating and a $99.00 target price on the stock. Barclays PLC raised their target price on shares of Avery Dennison Corporation from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Zacks Investment Research cut shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, J P Morgan Chase & Co cut shares of Avery Dennison Corporation from an “overweight” rating to a “neutral” rating in a report on Thursday, October 26th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $105.29.
Avery Dennison Corporation 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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