Stevens Capital Management LP lessened its stake in Avery Dennison Corp (NYSE:AVY) by 41.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 34,570 shares of the industrial products company’s stock after selling 24,130 shares during the quarter. Stevens Capital Management LP’s holdings in Avery Dennison were worth $3,746,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in AVY. Zions Bancorporation acquired a new stake in shares of Avery Dennison during the 3rd quarter worth about $108,000. Fort L.P. acquired a new stake in shares of Avery Dennison during the 2nd quarter worth about $120,000. Ronna Sue Cohen acquired a new stake in shares of Avery Dennison during the 3rd quarter worth about $206,000. Radnor Capital Management LLC acquired a new stake in shares of Avery Dennison during the 3rd quarter worth about $209,000. Finally, Intrust Bank NA acquired a new stake in shares of Avery Dennison during the 2nd quarter worth about $226,000. Institutional investors and hedge funds own 83.85% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Avery Dennison from a “hold” rating to a “sell” rating in a research report on Wednesday. UBS Group set a $135.00 target price on Avery Dennison and gave the stock a “buy” rating in a research report on Tuesday, November 20th. Barclays cut their price target on Avery Dennison from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. ValuEngine lowered Avery Dennison from a “hold” rating to a “sell” rating in a research report on Friday, October 26th. Finally, BMO Capital Markets set a $98.00 price target on Avery Dennison and gave the stock a “hold” rating in a research report on Thursday, October 25th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $120.25.
Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.02). The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Avery Dennison had a return on equity of 49.86% and a net margin of 4.36%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $1.26 EPS. Equities analysts predict that Avery Dennison Corp will post 6.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.16%. The ex-dividend date is Tuesday, December 4th. Avery Dennison’s dividend payout ratio (DPR) is 41.60%.
In other Avery Dennison news, Director Anthony Anderson sold 1,275 shares of Avery Dennison stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $104.75, for a total transaction of $133,556.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David E. I. Pyott sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $93.00, for a total value of $186,000.00. Following the completion of the transaction, the director now directly owns 17,293 shares in the company, valued at approximately $1,608,249. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
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About Avery Dennison
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands. It also offers durable cast and reflective films.
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