Cypress Capital Group increased its position in shares of Avery Dennison Corporation (NYSE:AVY) by 18.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 51,105 shares of the industrial products company’s stock after purchasing an additional 7,986 shares during the quarter. Avery Dennison makes up about 1.1% of Cypress Capital Group’s holdings, making the stock its 28th biggest position. Cypress Capital Group owned approximately 0.06% of Avery Dennison worth $5,026,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in AVY. Acrospire Investment Management LLC purchased a new position in Avery Dennison in the second quarter valued at about $129,000. Captrust Financial Advisors purchased a new position in Avery Dennison in the second quarter valued at about $130,000. Pacad Investment Ltd. purchased a new position in Avery Dennison in the second quarter valued at about $141,000. Conning Inc. purchased a new position in Avery Dennison in the third quarter valued at about $200,000. Finally, Davidson & Garrard Inc. purchased a new position in Avery Dennison in the third quarter valued at about $202,000. Institutional investors and hedge funds own 85.42% of the company’s stock.
Shares of Avery Dennison Corporation (NYSE AVY) opened at $114.46 on Wednesday. The company has a market cap of $10,122.42, a P/E ratio of 24.62, a P/E/G ratio of 3.33 and a beta of 1.24. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.82 and a current ratio of 1.13. Avery Dennison Corporation has a 52 week low of $69.53 and a 52 week high of $115.56.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.05. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Avery Dennison had a net margin of 6.27% and a return on equity of 40.52%. Avery Dennison’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS. research analysts predict that Avery Dennison Corporation will post 4.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Tuesday, December 5th. Avery Dennison’s payout ratio is currently 40.18%.
AVY has been the topic of a number of research analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $100.00 target price on shares of Avery Dennison in a research note on Friday, September 1st. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research note on Friday, September 22nd. Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Loop Capital initiated coverage on shares of Avery Dennison in a research note on Thursday, September 28th. They issued a “hold” rating and a $99.00 target price on the stock. Finally, J P Morgan Chase & Co cut shares of Avery Dennison from an “overweight” rating to a “neutral” rating in a research note on Thursday, October 26th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Avery Dennison currently has a consensus rating of “Buy” and a consensus target price of $110.83.
In related news, Chairman Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the sale, the chairman now directly owns 94,042 shares in the company, valued at approximately $9,831,150.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lori J. Bondar sold 10,855 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the sale, the chief accounting officer now directly owns 18,556 shares in the company, valued at approximately $2,057,489.28. The disclosure for this sale can be found here. Insiders have sold a total of 152,604 shares of company stock worth $16,245,751 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
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Avery Dennison 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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