Andra AP fonden reduced its stake in Avery Dennison Corp (NYSE:AVY) by 5.0% during the third quarter, Holdings Channel reports. The fund owned 83,700 shares of the industrial products company’s stock after selling 4,400 shares during the period. Andra AP fonden’s holdings in Avery Dennison were worth $9,069,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Squar Milner Financial Services LLC purchased a new stake in shares of Avery Dennison during the second quarter valued at $112,000. Steward Partners Investment Advisory LLC boosted its position in shares of Avery Dennison by 270.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,152 shares of the industrial products company’s stock valued at $118,000 after buying an additional 841 shares during the last quarter. Fort L.P. purchased a new stake in shares of Avery Dennison during the second quarter valued at $120,000. Nichols & Pratt Advisers LLP MA purchased a new stake in shares of Avery Dennison during the second quarter valued at $204,000. Finally, Radnor Capital Management LLC purchased a new stake in shares of Avery Dennison during the third quarter valued at $209,000. 84.62% of the stock is currently owned by hedge funds and other institutional investors.
In other Avery Dennison news, insider Georges Gravanis sold 13,000 shares of the stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $112.67, for a total value of $1,464,710.00. Following the transaction, the insider now owns 11,886 shares of the company’s stock, valued at $1,339,195.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Anthony Anderson sold 1,275 shares of the stock in a transaction dated Friday, September 7th. The shares were 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 currently owned by corporate insiders.
Avery Dennison (NYSE:AVY) last posted its earnings results on Tuesday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.11. Avery Dennison had a return on equity of 47.47% and a net margin of 3.83%. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the company earned $1.31 earnings per share. Avery Dennison’s revenue was up 14.0% on a year-over-year basis. On average, equities analysts predict that Avery Dennison Corp will post 6.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 19th. Shareholders of record on Wednesday, September 5th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date was Tuesday, September 4th. Avery Dennison’s dividend payout ratio is 41.60%.
Several research firms recently commented on AVY. Loop Capital increased their price objective on Avery Dennison to $115.00 and gave the company a “hold” rating in a research report on Wednesday, July 25th. Citigroup increased their price objective on Avery Dennison from $126.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. Barclays increased their price objective on Avery Dennison from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, July 30th. Zacks Investment Research cut Avery Dennison from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Finally, Bank of America increased their price objective on Avery Dennison from $114.00 to $126.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $123.56.
Avery Dennison Profile
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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