Pictet Asset Management Ltd. reduced its holdings in shares of Avery Dennison Corp (NYSE:AVY) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,829 shares of the industrial products company’s stock after selling 2,464 shares during the period. Pictet Asset Management Ltd.’s holdings in Avery Dennison were worth $6,458,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Icon Wealth Partners LLC bought a new position in Avery Dennison during the first quarter valued at approximately $36,000. TRUE Private Wealth Advisors bought a new position in Avery Dennison during the second quarter valued at approximately $40,000. Amica Retiree Medical Trust bought a new position in Avery Dennison during the second quarter valued at approximately $44,000. Kavar Capital Partners LLC bought a new position in Avery Dennison during the second quarter valued at approximately $55,000. Finally, Bremer Bank National Association bought a new position in Avery Dennison during the first quarter valued at approximately $58,000. Institutional investors and hedge funds own 88.34% of the company’s stock.
Shares of Avery Dennison stock traded down $3.20 on Monday, hitting $113.35. The stock had a trading volume of 219,482 shares, compared to its average volume of 428,679. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 1.41. Avery Dennison Corp has a one year low of $82.89 and a one year high of $120.65. The stock has a market cap of $9.57 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 2.09 and a beta of 1.33. The stock’s 50-day simple moving average is $113.60 and its two-hundred day simple moving average is $111.34.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the business earned $1.66 earnings per share. The business’s revenue was down 3.2% on a year-over-year basis. As a group, equities analysts predict that Avery Dennison Corp will post 6.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Tuesday, September 3rd. Avery Dennison’s dividend payout ratio is 38.28%.
In other news, Director Anthony Anderson sold 2,150 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $114.54, for a total value of $246,261.00. Following the transaction, the director now owns 2,862 shares in the company, valued at $327,813.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley A. Alford sold 5,027 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $117.16, for a total transaction of $588,963.32. Following the completion of the transaction, the director now owns 22,827 shares in the company, valued at approximately $2,674,411.32. The disclosure for this sale can be found here. Insiders sold 76,490 shares of company stock worth $8,886,301 in the last 90 days. Company insiders own 1.30% of the company’s stock.
AVY has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $105.00 to $111.00 and gave the company an “underweight” rating in a research report on Wednesday, July 24th. UBS Group reduced their price target on shares of Avery Dennison from $130.00 to $129.00 and set a “buy” rating on the stock in a research report on Friday. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Friday. Citigroup increased their price target on shares of Avery Dennison from $130.00 to $132.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Finally, Bank of America upgraded shares of Avery Dennison from a “neutral” rating to a “buy” rating and set a $130.00 price target on the stock in a research report on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $123.33.
Avery Dennison Company 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, as well as durable cast and reflective films.
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