Riverhead Capital Management LLC Grows Stake in Avery Dennison Corp (AVY)

Riverhead Capital Management LLC lifted its stake in shares of Avery Dennison Corp (NYSE:AVY) by 82.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,369 shares of the industrial products company’s stock after acquiring an additional 5,602 shares during the quarter. Riverhead Capital Management LLC’s holdings in Avery Dennison were worth $1,314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tiverton Asset Management LLC boosted its position in shares of Avery Dennison by 50.7% in the first quarter. Tiverton Asset Management LLC now owns 1,478 shares of the industrial products company’s stock worth $157,000 after buying an additional 497 shares during the period. Focused Wealth Management Inc acquired a new stake in shares of Avery Dennison in the fourth quarter worth $184,000. Univest Corp of Pennsylvania acquired a new stake in shares of Avery Dennison in the fourth quarter worth $205,000. Bank of Stockton acquired a new stake in shares of Avery Dennison in the fourth quarter worth $206,000. Finally, Meridian Investment Counsel Inc. acquired a new stake in shares of Avery Dennison in the fourth quarter worth $206,000. 85.41% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:AVY opened at $109.10 on Monday. Avery Dennison Corp has a 1 year low of $82.36 and a 1 year high of $123.67. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 1.23. The firm has a market cap of $9.60 billion, a P/E ratio of 21.82, a PEG ratio of 2.59 and a beta of 1.27.

Avery Dennison (NYSE:AVY) last posted its earnings results on Wednesday, April 25th. The industrial products company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.08. Avery Dennison had a return on equity of 44.21% and a net margin of 4.32%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period last year, the company earned $1.11 earnings per share. The business’s revenue was up 13.0% compared to the same quarter last year. analysts anticipate that Avery Dennison Corp will post 6.01 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 20th. Shareholders of record on Wednesday, June 6th will be issued a dividend of $0.52 per share. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.45. This represents a $2.08 annualized dividend and a yield of 1.91%. The ex-dividend date is Tuesday, June 5th. Avery Dennison’s dividend payout ratio (DPR) is 36.00%.

Several analysts have recently commented on AVY shares. Citigroup decreased their target price on Avery Dennison from $140.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, April 5th. JPMorgan Chase cut Avery Dennison from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $113.00 to $107.00 in a research report on Friday, March 16th. Zacks Investment Research lowered Avery Dennison from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Bank of America increased their price objective on Avery Dennison from $128.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Finally, Loop Capital increased their price objective on Avery Dennison to $111.00 and gave the stock a “hold” rating in a report on Wednesday, May 2nd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $123.00.

In other Avery Dennison news, Director Dean A. Scarborough sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, March 21st. The stock was sold at an average price of $110.48, for a total transaction of $3,314,400.00. Following the transaction, the director now directly owns 136,953 shares in the company, valued at $15,130,567.44. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Susan C. Miller sold 3,131 shares of Avery Dennison stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $120.33, for a total value of $376,753.23. Following the completion of the transaction, the vice president now owns 29,257 shares in the company, valued at $3,520,494.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,639 shares of company stock worth $17,963,034. Corporate insiders own 1.30% of the company’s stock.

Avery Dennison Company 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.

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

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