Sterling Capital Management LLC raised its position in shares of Avery Dennison Corporation (NYSE:AVY) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,421 shares of the industrial products company’s stock after acquiring an additional 2,257 shares during the quarter. Sterling Capital Management LLC owned about 0.07% of Avery Dennison Corporation worth $5,781,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of AVY. Ameritas Investment Partners Inc. bought a new stake in Avery Dennison Corporation during the first quarter valued at $171,000. Alliancebernstein L.P. boosted its position in Avery Dennison Corporation by 8.5% during the first quarter. Alliancebernstein L.P. now owns 183,726 shares of the industrial products company’s stock valued at $14,808,000 after acquiring an additional 14,453 shares during the last quarter. Van ECK Associates Corp boosted its position in Avery Dennison Corporation by 7.7% during the first quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 94 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in Avery Dennison Corporation by 15.9% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,112 shares of the industrial products company’s stock valued at $412,000 after acquiring an additional 700 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Avery Dennison Corporation by 10.4% during the first quarter. Geode Capital Management LLC now owns 1,004,783 shares of the industrial products company’s stock valued at $80,884,000 after acquiring an additional 94,645 shares during the last quarter. 86.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of Avery Dennison Corporation (NYSE AVY) traded up 1.13% during trading on Friday, hitting $101.94. 442,456 shares of the stock traded hands. The company has a 50 day moving average price of $97.47 and a 200 day moving average price of $89.54. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 23.95 and a beta of 1.19. Avery Dennison Corporation has a 12 month low of $68.55 and a 12 month high of $102.07.
Avery Dennison Corporation (NYSE:AVY) last announced its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.09 EPS. Analysts anticipate that Avery Dennison Corporation will post $4.83 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, September 1st. Avery Dennison Corporation’s payout ratio is 42.25%.
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In other news, Director David E. I. Pyott sold 2,000 shares of Avery Dennison Corporation stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $94.00, for a total transaction of $188,000.00. Following the sale, the director now owns 16,601 shares of the company’s stock, valued at approximately $1,560,494. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Patrick Siewert sold 10,000 shares of Avery Dennison Corporation stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total transaction of $936,300.00. Following the sale, the director now directly owns 10,519 shares in the company, valued at approximately $984,893.97. The disclosure for this sale can be found here. Insiders have sold a total of 12,298 shares of company stock worth $1,152,312 in the last ninety days. Insiders own 1.40% of the company’s stock.
A number of analysts have commented on the stock. Loop Capital assumed coverage on shares of Avery Dennison Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $99.00 price target on the stock. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison Corporation in a research report on Friday, September 22nd. Zacks Investment Research cut shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Robert W. Baird reiterated a “buy” rating and set a $100.00 price objective on shares of Avery Dennison Corporation in a report on Friday, September 1st. Finally, Citigroup Inc. upped their price objective on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $93.14.
Avery Dennison Corporation 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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