Dai Ichi Life Insurance Company Ltd lowered its holdings in Avery Dennison Corporation (NYSE:AVY) by 88.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,515 shares of the industrial products company’s stock after selling 49,074 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Avery Dennison Corporation were worth $576,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. boosted its holdings in Avery Dennison Corporation by 3,215.2% in the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after purchasing an additional 6,700,152 shares during the last quarter. State Street Corp lifted its holdings in Avery Dennison Corporation by 0.4% during the 1st quarter. State Street Corp now owns 4,547,664 shares of the industrial products company’s stock worth $366,525,000 after buying an additional 19,238 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Avery Dennison Corporation by 21.3% during the 2nd quarter. Victory Capital Management Inc. now owns 1,937,495 shares of the industrial products company’s stock worth $171,216,000 after buying an additional 340,139 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Avery Dennison Corporation by 110.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock worth $155,476,000 after buying an additional 923,548 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Avery Dennison Corporation by 1.7% during the 2nd quarter. Wells Fargo & Company MN now owns 1,013,602 shares of the industrial products company’s stock worth $89,571,000 after buying an additional 17,094 shares during the last quarter. 87.76% of the stock is owned by hedge funds and other institutional investors.
In other Avery Dennison Corporation news, Director David E. I. Pyott sold 298 shares of Avery Dennison Corporation stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $94.00, for a total transaction of $28,012.00. Following the sale, the director now directly owns 16,601 shares of the company’s stock, valued at $1,560,494. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patrick Siewert sold 10,000 shares of Avery Dennison Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total value of $936,300.00. Following the sale, the director now directly owns 10,519 shares in the company, valued at $984,893.97. The disclosure for this sale can be found here. Insiders have sold 12,298 shares of company stock worth $1,152,312 over the last ninety days. Company insiders own 1.40% of the company’s stock.
Avery Dennison Corporation (NYSE AVY) opened at 96.83 on Friday. The company has a market cap of $8.56 billion, a P/E ratio of 22.75 and a beta of 1.18. The firm’s 50-day moving average price is $93.66 and its 200-day moving average price is $86.71. Avery Dennison Corporation has a 12-month low of $68.55 and a 12-month high of $97.11.
Avery Dennison Corporation (NYSE:AVY) last released its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.10. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the business earned $1.09 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts expect that Avery Dennison Corporation will post $4.83 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Friday, September 1st. Avery Dennison Corporation’s payout ratio is 42.25%.
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AVY has been the topic of a number of research analyst reports. BidaskClub downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 9th. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Monday, June 5th. Robert W. Baird reaffirmed a “buy” rating and set a $100.00 target price on shares of Avery Dennison Corporation in a report on Friday, September 1st. Citigroup Inc. increased their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Finally, Bank of America Corporation raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating and increased their target price for the stock from $90.00 to $96.00 in a report on Tuesday, June 20th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $92.86.
Avery Dennison Corporation Company 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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