Ellington Management Group LLC Purchases New Holdings in Avery Dennison Corp (NYSE:AVY)

Ellington Management Group LLC purchased a new stake in Avery Dennison Corp (NYSE:AVY) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,800 shares of the industrial products company’s stock, valued at approximately $436,000.

Several other institutional investors also recently added to or reduced their stakes in the company. West Oak Capital LLC grew its holdings in Avery Dennison by 114.3% during the 4th quarter. West Oak Capital LLC now owns 1,500 shares of the industrial products company’s stock worth $172,000 after acquiring an additional 800 shares in the last quarter. Focused Wealth Management Inc acquired a new position in Avery Dennison during the 4th quarter worth approximately $184,000. Univest Corp of Pennsylvania acquired a new position in Avery Dennison during the 4th quarter worth approximately $205,000. Bank of Stockton acquired a new position in Avery Dennison during the 4th quarter worth approximately $206,000. Finally, Meridian Investment Counsel Inc. acquired a new position in Avery Dennison during the 4th quarter worth approximately $206,000. 85.95% of the stock is currently owned by institutional investors and hedge funds.

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Several brokerages have recently weighed in on AVY. Citigroup reduced their price objective on shares of Avery Dennison from $140.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday. Zacks Investment Research downgraded shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets assumed coverage on shares of Avery Dennison in a research report on Tuesday, March 27th. They issued a “market perform” rating and a $120.00 price target for the company. JPMorgan Chase downgraded shares of Avery Dennison from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $113.00 to $107.00 in a research report on Friday, March 16th. Finally, Barclays upped their price target on shares of Avery Dennison from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, February 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Avery Dennison has an average rating of “Buy” and an average target price of $123.67.

In other Avery Dennison news, VP Susan C. Miller sold 3,131 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $120.33, for a total transaction of $376,753.23. Following the sale, the vice president now directly owns 29,257 shares of the company’s stock, valued at approximately $3,520,494.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anthony Anderson sold 2,770 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $117.50, for a total transaction of $325,475.00. Following the sale, the director now directly owns 4,014 shares in the company, valued at $471,645. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,409 shares of company stock worth $18,288,509. 1.30% of the stock is owned by corporate insiders.

Shares of NYSE:AVY traded down $2.87 on Friday, reaching $103.20. 963,544 shares of the company were exchanged, compared to its average volume of 806,360. 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 1-year low of $79.13 and a 1-year high of $123.67. The stock has a market cap of $9,326.50, a PE ratio of 20.64, a price-to-earnings-growth ratio of 2.58 and a beta of 1.25.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.08. The business 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 for the quarter was up 11.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 EPS. equities analysts anticipate that Avery Dennison Corp will post 5.88 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 21st. Investors of record on Wednesday, March 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, March 6th. This represents a $1.80 dividend on an annualized basis and a yield of 1.74%. Avery Dennison’s payout ratio is 36.00%.

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Avery Dennison 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. It also offers durable cast and reflective films.

Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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