Aperio Group LLC lessened its stake in shares of Avery Dennison Corp (NYSE:AVY) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,662 shares of the industrial products company’s stock after selling 1,214 shares during the period. Aperio Group LLC owned approximately 0.07% of Avery Dennison worth $6,445,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of AVY. Focused Wealth Management Inc bought a new position in Avery Dennison during the 4th quarter valued at approximately $184,000. Meridian Investment Counsel Inc. bought a new stake in shares of Avery Dennison in the 4th quarter worth $206,000. Clifford Swan Investment Counsel LLC bought a new stake in shares of Avery Dennison in the 4th quarter worth $214,000. Ronna Sue Cohen bought a new stake in shares of Avery Dennison in the 4th quarter worth $218,000. Finally, Bray Capital Advisors bought a new stake in shares of Avery Dennison in the 4th quarter worth $225,000. 85.41% of the stock is owned by institutional investors.
AVY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lowered Avery Dennison from a “neutral” rating to an “underweight” rating and set a $113.00 target price for the company. in a report on Thursday, February 1st. Bank of America lifted their target price on Avery Dennison from $128.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Zacks Investment Research raised Avery Dennison from a “hold” rating to a “buy” rating and set a $132.00 target price for the company in a report on Monday, February 5th. Barclays lifted their target price on Avery Dennison from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. Finally, BMO Capital Markets initiated coverage on Avery Dennison in a report on Tuesday, March 27th. They issued a “market perform” rating and a $120.00 target price for the company. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Avery Dennison currently has an average rating of “Buy” and an average target price of $123.11.
In other news, VP Susan C. Miller sold 15,848 shares of the firm’s stock in a transaction on Friday, March 16th. The stock was sold at an average price of $111.08, for a total value of $1,760,395.84. Following the transaction, the vice president now directly owns 13,409 shares in the company, valued at approximately $1,489,471.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dean A. Scarborough sold 6,026 shares of the firm’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $106.11, for a total value of $639,418.86. Following the completion of the transaction, the director now owns 50,927 shares in the company, valued at $5,403,863.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,005 shares of company stock worth $14,578,468. Company insiders own 1.30% of the company’s stock.
Avery Dennison opened at $108.48 on Friday, Marketbeat reports. The firm has a market capitalization of $9.54 billion, a PE ratio of 21.70, a PEG ratio of 2.57 and a beta of 1.27. Avery Dennison Corp has a 1 year low of $83.10 and a 1 year high of $123.67. The company has a current ratio of 1.12, a quick ratio of 0.79 and a debt-to-equity ratio of 1.23.
Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.08. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. Avery Dennison had a return on equity of 44.21% and a net margin of 4.32%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the business posted $1.11 EPS. equities research analysts expect that Avery Dennison Corp will post 6.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 20th. Stockholders of record on Wednesday, June 6th will be paid a $0.52 dividend. This is an increase from Avery Dennison’s previous quarterly dividend of $0.45. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Tuesday, June 5th. Avery Dennison’s dividend payout ratio (DPR) is 36.00%.
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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