Avery Dennison Corporation (NYSE:AVY) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $96.76 and last traded at $96.61, with a volume of 342,236 shares changing hands. The stock had previously closed at $95.76.
Several equities research analysts have issued reports on AVY shares. Citigroup Inc. raised their price target on Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday, June 5th. Bank of America Corporation raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $90.00 to $96.00 in a report on Tuesday, June 20th. BidaskClub raised Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $100.00 price target on shares of Avery Dennison Corporation in a report on Friday, September 1st. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $92.86.
The firm has a 50 day moving average price of $93.52 and a 200-day moving average price of $86.59. The stock has a market capitalization of $8.54 billion, a P/E ratio of 22.70 and a beta of 1.18.
Avery Dennison Corporation (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 EPS. On average, analysts forecast that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, September 1st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.88%. Avery Dennison Corporation’s dividend payout ratio is presently 42.25%.
In other news, Director Patrick Siewert sold 10,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total transaction of $936,300.00. Following 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 can be accessed through this link. Also, Director David E. I. Pyott sold 298 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $94.00, for a total value of $28,012.00. Following the transaction, 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 12,298 shares of company stock worth $1,152,312 in the last ninety days. Insiders own 1.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AVY. American Beacon Advisors Inc. purchased a new position in shares of Avery Dennison Corporation during the 1st quarter valued at $105,000. Van ECK Associates Corp lifted its position in shares of Avery Dennison Corporation by 7.7% during the 1st quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock valued at $107,000 after buying an additional 94 shares during the last quarter. Acrospire Investment Management LLC purchased a new position in shares of Avery Dennison Corporation during the 2nd quarter valued at $129,000. Captrust Financial Advisors purchased a new position in shares of Avery Dennison Corporation during the 2nd quarter valued at $130,000. Finally, Bronfman E.L. Rothschild L.P. lifted its position in shares of Avery Dennison Corporation by 21.1% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,737 shares of the industrial products company’s stock valued at $140,000 after buying an additional 303 shares during the last quarter. 87.76% of the stock is currently owned by hedge funds and other institutional investors.
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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