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.
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%.
COPYRIGHT VIOLATION NOTICE: “Ellington Management Group LLC Purchases New Holdings in Avery Dennison Corp (NYSE:AVY)” was originally published by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this report on another website, it was stolen and republished in violation of US and international copyright laws. The legal version of this report can be viewed at https://www.dispatchtribunal.com/2018/04/07/3800-shares-in-avery-dennison-corp-avy-purchased-by-ellington-management-group-llc.html.
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.
Receive News & Ratings for Avery Dennison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avery Dennison and related companies with MarketBeat.com's FREE daily email newsletter.