BlueMountain Capital Management LLC lessened its holdings in Avery Dennison Corp (NYSE:AVY) by 18.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,716 shares of the industrial products company’s stock after selling 1,745 shares during the quarter. BlueMountain Capital Management LLC’s holdings in Avery Dennison were worth $788,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of AVY. Squar Milner Financial Services LLC bought a new position in shares of Avery Dennison in the 2nd quarter valued at $112,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Avery Dennison by 270.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,152 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 841 shares during the last quarter. Tiverton Asset Management LLC lifted its stake in shares of Avery Dennison by 50.7% in the 1st quarter. Tiverton Asset Management LLC now owns 1,478 shares of the industrial products company’s stock valued at $157,000 after acquiring an additional 497 shares during the last quarter. Nichols & Pratt Advisers LLP MA bought a new position in shares of Avery Dennison in the 2nd quarter valued at $204,000. Finally, Gideon Capital Advisors Inc. bought a new position in shares of Avery Dennison in the 1st quarter valued at $205,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on AVY. Loop Capital upgraded Avery Dennison from a “hold” rating to a “buy” rating and set a $124.00 price target for the company in a research note on Thursday. Barclays increased their price target on Avery Dennison from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Monday, July 30th. Bank of America increased their price target on Avery Dennison from $114.00 to $126.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Citigroup increased their price target on Avery Dennison from $126.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Zacks Investment Research cut Avery Dennison from a “hold” rating to a “sell” rating in a research note on Tuesday, June 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $123.78.
Avery Dennison (NYSE:AVY) last announced its earnings results on Tuesday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.11. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.80 billion. Avery Dennison had a return on equity of 47.47% and a net margin of 3.83%. Avery Dennison’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the company earned $1.31 EPS. analysts expect that Avery Dennison Corp will post 6.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 19th. Investors of record on Wednesday, September 5th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, September 4th. Avery Dennison’s dividend payout ratio is currently 41.60%.
In related news, insider Georges Gravanis sold 13,000 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $112.67, for a total transaction of $1,464,710.00. Following the completion of the transaction, the insider now directly owns 11,886 shares of the company’s stock, valued at approximately $1,339,195.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Anthony Anderson sold 1,275 shares of the firm’s stock in a transaction on Friday, September 7th. The stock was sold at an average price of $104.75, for a total value of $133,556.25. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
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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