Delta Asset Management LLC TN Sells 1,772 Shares of Avery Dennison Corp (NYSE:AVY)

Delta Asset Management LLC TN trimmed its position in shares of Avery Dennison Corp (NYSE:AVY) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,488 shares of the industrial products company’s stock after selling 1,772 shares during the period. Avery Dennison makes up 2.8% of Delta Asset Management LLC TN’s portfolio, making the stock its 13th biggest holding. Delta Asset Management LLC TN owned approximately 0.21% of Avery Dennison worth $20,069,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC bought a new position in Avery Dennison during the second quarter worth about $79,000. BTIM Corp. lifted its stake in Avery Dennison by 0.3% during the second quarter. BTIM Corp. now owns 149,431 shares of the industrial products company’s stock worth $17,286,000 after purchasing an additional 434 shares during the period. Strs Ohio lifted its stake in Avery Dennison by 993.7% during the second quarter. Strs Ohio now owns 13,026 shares of the industrial products company’s stock worth $1,506,000 after purchasing an additional 11,835 shares during the period. Hartford Investment Management Co. lifted its stake in Avery Dennison by 1.1% during the second quarter. Hartford Investment Management Co. now owns 10,239 shares of the industrial products company’s stock worth $1,184,000 after purchasing an additional 108 shares during the period. Finally, Squar Milner Financial Services LLC lifted its stake in Avery Dennison by 5.8% during the second quarter. Squar Milner Financial Services LLC now owns 1,739 shares of the industrial products company’s stock worth $201,000 after purchasing an additional 95 shares during the period. Institutional investors own 87.43% of the company’s stock.

NYSE AVY opened at $110.06 on Wednesday. The firm has a market capitalization of $9.33 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 2.04 and a beta of 1.32. The business’s 50 day moving average price is $114.56. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 1.41. Avery Dennison Corp has a 1-year low of $82.89 and a 1-year high of $120.65.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.68 by $0.04. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.83 billion. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $1.66 earnings per share. Research analysts expect that Avery Dennison Corp will post 6.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Tuesday, September 3rd. Avery Dennison’s payout ratio is 38.28%.

A number of brokerages have commented on AVY. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Wednesday, April 24th. Bank of America cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 price target for the company. in a research note on Friday, July 12th. Citigroup raised their price objective on shares of Avery Dennison from $130.00 to $132.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Avery Dennison from $105.00 to $111.00 and gave the stock an “underweight” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $120.13.

In related news, Chairman Mitchell R. Butier sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $116.21, for a total value of $5,810,500.00. Following the completion of the sale, the chairman now owns 158,316 shares of the company’s stock, valued at $18,397,902.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Georges Gravanis sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $116.88, for a total transaction of $292,200.00. Following the completion of the sale, the insider now directly owns 13,637 shares of the company’s stock, valued at approximately $1,593,892.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,252 shares of company stock valued at $8,721,924. Company insiders own 1.30% of the company’s stock.

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, as well as durable cast and reflective films.

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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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