Allianz Asset Management GmbH increased its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 350,985 shares of the industrial products company’s stock after buying an additional 6,666 shares during the quarter. Allianz Asset Management GmbH owned about 0.40% of Avery Dennison worth $34,516,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. grew its stake in Avery Dennison by 11.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 12,245 shares of the industrial products company’s stock worth $1,204,000 after buying an additional 1,230 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Avery Dennison by 2.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 21,465 shares of the industrial products company’s stock worth $2,120,000 after buying an additional 500 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Avery Dennison by 19.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 37,480 shares of the industrial products company’s stock worth $3,688,000 after buying an additional 6,217 shares during the last quarter. Private Advisor Group LLC bought a new position in Avery Dennison during the 3rd quarter worth $322,000. Finally, Tredje AP fonden grew its stake in Avery Dennison by 154.3% during the 3rd quarter. Tredje AP fonden now owns 27,540 shares of the industrial products company’s stock worth $2,708,000 after buying an additional 16,710 shares during the last quarter. Hedge funds and other institutional investors own 85.28% of the company’s stock.
Avery Dennison Corporation (NYSE AVY) opened at $113.73 on Friday. 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 12-month low of $69.53 and a 12-month high of $114.79. The stock has a market capitalization of $9,890.89, a price-to-earnings ratio of 24.06, a price-to-earnings-growth ratio of 3.25 and a beta of 1.24.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. sell-side analysts expect 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. Shareholders of record on Wednesday, December 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $1.80 dividend on an annualized basis and a yield of 1.58%. Avery Dennison’s dividend payout ratio (DPR) is presently 40.18%.
A number of brokerages recently commented on AVY. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Monday, October 30th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Tuesday, October 31st. J P Morgan Chase & Co downgraded Avery Dennison from an “overweight” rating to a “neutral” rating in a research note on Thursday, October 26th. Loop Capital boosted their price target on Avery Dennison from $99.00 to $106.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, Barclays boosted their price target on Avery Dennison from $105.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $110.83.
In other news, CAO Lori J. Bondar sold 10,855 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $110.88, for a total value of $1,203,602.40. Following the completion of the sale, the chief accounting officer now owns 18,556 shares in the company, valued at $2,057,489.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $104.54, for a total value of $1,045,400.00. Following the completion of the sale, the chairman now owns 94,042 shares of the company’s stock, valued at approximately $9,831,150.68. The disclosure for this sale can be found here. Insiders have sold a total of 152,604 shares of company stock valued at $16,245,751 in the last quarter. 1.40% of the stock is currently owned by 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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