Shufro Rose & Co. LLC lowered its position in shares of Avery Dennison Corp (NYSE:AVY) by 0.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,450 shares of the industrial products company’s stock after selling 1,421 shares during the period. Avery Dennison accounts for approximately 3.5% of Shufro Rose & Co. LLC’s investment portfolio, making the stock its 5th biggest holding. Shufro Rose & Co. LLC owned approximately 0.37% of Avery Dennison worth $36,376,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Partners increased its stake in shares of Avery Dennison by 25.7% during the first quarter. Boston Partners now owns 1,635,444 shares of the industrial products company’s stock worth $184,805,000 after purchasing an additional 333,924 shares during the period. Victory Capital Management Inc. grew its position in Avery Dennison by 81,204.8% during the first quarter. Victory Capital Management Inc. now owns 1,048,832 shares of the industrial products company’s stock worth $118,518,000 after buying an additional 1,047,542 shares in the last quarter. Principal Financial Group Inc. grew its position in Avery Dennison by 1.6% during the first quarter. Principal Financial Group Inc. now owns 1,014,222 shares of the industrial products company’s stock worth $114,608,000 after buying an additional 16,020 shares in the last quarter. Northern Trust Corp grew its position in Avery Dennison by 0.3% during the first quarter. Northern Trust Corp now owns 1,008,401 shares of the industrial products company’s stock worth $113,949,000 after buying an additional 3,012 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its position in Avery Dennison by 88.9% during the first quarter. Neuberger Berman Group LLC now owns 899,365 shares of the industrial products company’s stock worth $101,628,000 after buying an additional 423,328 shares in the last quarter. Institutional investors own 87.59% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Bank of America downgraded Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 price target on the stock. in a research report on Friday, July 12th. JPMorgan Chase & Co. increased their price target on Avery Dennison from $105.00 to $111.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 24th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Monday, April 8th. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research report on Wednesday, April 24th. Finally, Citigroup increased their price target on Avery Dennison from $130.00 to $132.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Avery Dennison has a consensus rating of “Hold” and a consensus target price of $120.13.
In other Avery Dennison news, VP Lori J. Bondar sold 2,725 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $113.27, for a total value of $308,660.75. Following the sale, the vice president now owns 18,041 shares of the company’s stock, valued at approximately $2,043,504.07. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Mitchell R. Butier sold 50,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $116.21, for a total value of $5,810,500.00. Following the completion of the sale, the chairman now directly owns 158,316 shares in the company, valued at approximately $18,397,902.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,252 shares of company stock worth $8,721,924. Company insiders own 1.30% of the company’s stock.
Shares of AVY stock traded down $0.15 during trading hours on Friday, reaching $110.87. The company’s stock had a trading volume of 474,978 shares, compared to its average volume of 558,624. The company’s 50 day moving average is $114.56. The firm has a market capitalization of $9.35 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 2.05 and a beta of 1.32. Avery Dennison Corp has a fifty-two week low of $82.89 and a fifty-two week high of $120.65. The company has a quick ratio of 0.75, a current ratio of 1.04 and a debt-to-equity ratio of 1.41.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.68 by $0.04. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.83 billion. Avery Dennison had a return on equity of 52.67% and a net margin of 3.44%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.66 EPS. On average, research analysts expect that Avery Dennison Corp will post 6.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Tuesday, September 3rd. Avery Dennison’s dividend payout ratio is presently 38.28%.
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, as well as durable cast and reflective films.
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