CIBC World Markets Inc. boosted its holdings in shares of Avery Dennison Corp (NYSE:AVY) by 36.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,842 shares of the industrial products company’s stock after purchasing an additional 3,420 shares during the period. CIBC World Markets Inc.’s holdings in Avery Dennison were worth $1,475,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its holdings in Avery Dennison by 5.0% in the second quarter. State Street Corp now owns 4,776,961 shares of the industrial products company’s stock valued at $422,140,000 after purchasing an additional 229,297 shares during the period. APG Asset Management N.V. increased its holdings in Avery Dennison by 125.4% in the fourth quarter. APG Asset Management N.V. now owns 1,145,053 shares of the industrial products company’s stock valued at $109,528,000 after purchasing an additional 637,000 shares during the period. Westfield Capital Management Co. LP increased its holdings in Avery Dennison by 21.3% in the third quarter. Westfield Capital Management Co. LP now owns 911,591 shares of the industrial products company’s stock valued at $89,646,000 after purchasing an additional 159,800 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in Avery Dennison by 15.3% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 856,936 shares of the industrial products company’s stock valued at $84,271,000 after purchasing an additional 113,600 shares during the period. Finally, Congress Asset Management Co. MA increased its holdings in Avery Dennison by 1.1% in the fourth quarter. Congress Asset Management Co. MA now owns 837,546 shares of the industrial products company’s stock valued at $96,201,000 after purchasing an additional 9,124 shares during the period. Hedge funds and other institutional investors own 85.62% of the company’s stock.
In related news, Director Julia A. Stewart sold 4,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $108.42, for a total value of $433,680.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Lori J. Bondar sold 10,855 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the completion of the transaction, 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. In the last ninety days, insiders sold 16,855 shares of company stock worth $1,866,802. 1.40% of the stock is owned by insiders.
A number of analysts recently weighed in on the company. Barclays increased their price objective on Avery Dennison from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. upgraded Avery Dennison from an “underweight” rating to a “neutral” rating in a report on Monday. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Bank of America increased their price target on Avery Dennison from $128.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, UBS Group initiated coverage on Avery Dennison in a report on Thursday, January 18th. They set a “buy” rating and a $135.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $122.75.
Avery Dennison Corp (NYSE:AVY) traded down $0.74 during mid-day trading on Tuesday, hitting $114.91. 93,145 shares of the stock were exchanged, compared to its average volume of 697,845. The company has a market cap of $10,180.00, a PE ratio of 36.73, a PEG ratio of 2.71 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 1.13 and a debt-to-equity ratio of 1.26. Avery Dennison Corp has a one year low of $78.47 and a one year high of $123.67.
Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.08. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Avery Dennison had a net margin of 4.26% and a return on equity of 42.26%. The business’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.99 EPS. research analysts forecast that Avery Dennison Corp will post 5.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Wednesday, March 7th will be given a $0.45 dividend. The ex-dividend date is Tuesday, March 6th. This represents a $1.80 annualized dividend and a yield of 1.57%. Avery Dennison’s payout ratio is 57.51%.
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About Avery Dennison
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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