Old Mutual Global Investors UK Ltd. increased its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 713,424 shares of the industrial products company’s stock after buying an additional 26,177 shares during the quarter. Old Mutual Global Investors UK Ltd. owned 0.81% of Avery Dennison Corporation worth $70,158,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Avery Dennison Corporation by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 9,196,133 shares of the industrial products company’s stock worth $812,662,000 after buying an additional 204,239 shares during the period. State Street Corp raised its position in Avery Dennison Corporation by 5.0% in the 2nd quarter. State Street Corp now owns 4,776,961 shares of the industrial products company’s stock valued at $422,140,000 after purchasing an additional 229,297 shares during the last quarter. Victory Capital Management Inc. raised its position in Avery Dennison Corporation by 21.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,937,495 shares of the industrial products company’s stock valued at $171,216,000 after purchasing an additional 340,139 shares during the last quarter. Principal Financial Group Inc. raised its position in Avery Dennison Corporation by 110.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock valued at $155,476,000 after purchasing an additional 923,548 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Avery Dennison Corporation by 1.7% in the 2nd quarter. Wells Fargo & Company MN now owns 1,013,602 shares of the industrial products company’s stock valued at $89,571,000 after buying an additional 17,094 shares during the period. Institutional investors and hedge funds own 86.56% of the company’s stock.
Avery Dennison Corporation (AVY) traded down $1.05 during trading hours on Monday, hitting $107.05. 45,914 shares of the company were exchanged, compared to its average volume of 666,434. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 1.14. 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.
Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.05. Avery Dennison Corporation had a net margin of 6.27% and a return on equity of 40.52%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business earned $1.01 EPS. Avery Dennison Corporation’s revenue was up 11.3% compared to the same quarter last year. research analysts expect that Avery Dennison Corporation will post 4.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.68%. The ex-dividend date is Tuesday, December 5th. Avery Dennison Corporation’s dividend payout ratio is presently 40.18%.
A number of equities research analysts recently commented on the company. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison Corporation in a research note on Monday, October 30th. Barclays PLC upped their price objective on Avery Dennison Corporation from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Zacks Investment Research downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. J P Morgan Chase & Co downgraded Avery Dennison Corporation from an “overweight” rating to a “neutral” rating in a research report on Thursday, October 26th. Finally, Robert W. Baird reissued a “buy” rating and set a $115.00 price target on shares of Avery Dennison Corporation in a research report on Friday, October 27th. Five 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. The stock presently has a consensus rating of “Buy” and an average target price of $105.29.
In other Avery Dennison Corporation news, VP Susan C. Miller sold 6,518 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $105.17, for a total value of $685,498.06. Following the sale, the vice president now owns 13,409 shares in the company, valued at $1,410,224.53. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Dean A. Scarborough sold 10,000 shares of the stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the sale, the chairman now owns 94,042 shares in the company, valued at approximately $9,831,150.68. The disclosure for this sale can be found here. Insiders sold 130,647 shares of company stock valued at $13,813,895 over the last three months. 1.40% of the stock is currently owned by insiders.
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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