IFP Advisors Inc boosted its position in Avery Dennison Corporation (NYSE:AVY) by 3.1% during the second quarter, Holdings Channel reports. The firm owned 3,620 shares of the industrial products company’s stock after buying an additional 108 shares during the period. IFP Advisors Inc’s holdings in Avery Dennison Corporation were worth $320,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of AVY. Sit Investment Associates Inc. boosted its stake in Avery Dennison Corporation by 335.3% in the first quarter. Sit Investment Associates Inc. now owns 7,400 shares of the industrial products company’s stock worth $596,000 after buying an additional 5,700 shares during the period. Acadian Asset Management LLC purchased a new stake in Avery Dennison Corporation during the first quarter worth approximately $2,040,000. ProShare Advisors LLC boosted its stake in Avery Dennison Corporation by 2.7% in the first quarter. ProShare Advisors LLC now owns 29,719 shares of the industrial products company’s stock worth $2,395,000 after buying an additional 772 shares during the period. BTIM Corp. boosted its stake in Avery Dennison Corporation by 38.7% in the first quarter. BTIM Corp. now owns 111,984 shares of the industrial products company’s stock worth $9,026,000 after buying an additional 31,226 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in Avery Dennison Corporation by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,373 shares of the industrial products company’s stock worth $179,000 after buying an additional 107 shares during the period. Institutional investors and hedge funds own 88.28% of the company’s stock.
Shares of Avery Dennison Corporation (NYSE:AVY) opened at 94.65 on Thursday. The firm has a market cap of $8.37 billion, a PE ratio of 22.23 and a beta of 1.18. The stock’s 50 day moving average price is $92.30 and its 200-day moving average price is $84.51. Avery Dennison Corporation has a 52-week low of $68.55 and a 52-week high of $96.70.
Avery Dennison Corporation (NYSE:AVY) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.21 by $0.10. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company posted $1.09 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts anticipate that Avery Dennison Corporation will post $4.83 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.90%. Avery Dennison Corporation’s payout ratio is 42.25%.
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A number of research firms have recently commented on AVY. Citigroup Inc. lifted their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. BidaskClub upgraded Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 28th. Zacks Investment Research upgraded Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research report on Wednesday, June 21st. Bank of America Corporation upgraded Avery Dennison Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $90.00 to $96.00 in a research report on Tuesday, June 20th. Finally, Aegis reiterated a “hold” rating on shares of Avery Dennison Corporation in a research report on Thursday, June 1st. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $91.67.
In related news, VP Deon Stander sold 5,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $84.50, for a total transaction of $422,500.00. Following the sale, the vice president now owns 10,998 shares in the company, valued at $929,331. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anthony Anderson sold 6,248 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $85.15, for a total transaction of $532,017.20. Following the sale, the director now owns 1,244 shares in the company, valued at approximately $105,926.60. The disclosure for this sale can be found here. Insiders have sold 21,248 shares of company stock worth $1,890,817 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.
About Avery Dennison Corporation
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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