Investors Sell Avery Dennison Corporation (AVY) on Strength Following Insider Selling

Traders sold shares of Avery Dennison Corporation (NYSE:AVY) on strength during trading on Monday following insider selling activity. $5.83 million flowed into the stock on the tick-up and $23.98 million flowed out of the stock on the tick-down, for a money net flow of $18.15 million out of the stock. Of all equities tracked, Avery Dennison Corporation had the 0th highest net out-flow for the day. Avery Dennison Corporation traded up $0.49 for the day and closed at $93.54Specifically, Director Anthony Anderson sold 6,248 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $85.15, for a total value of $532,017.20. Following the completion of the sale, the director now owns 1,244 shares in the company, valued at approximately $105,926.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Patrick Siewert sold 10,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total transaction of $936,300.00. Following the completion of the sale, the director now owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,248 shares of company stock valued at $1,890,817. Company insiders own 1.40% of the company’s stock.

Several research firms have recently issued reports on AVY. Citigroup Inc. upped their target price on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. BidaskClub raised shares of Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Zacks Investment Research raised shares of Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $97.00 price target on the stock in a report on Wednesday, June 21st. Bank of America Corporation raised shares of Avery Dennison Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $90.00 to $96.00 in a report on Tuesday, June 20th. Finally, Aegis reissued a “hold” rating on shares of Avery Dennison Corporation in a report on Thursday, June 1st. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $91.67.

The company’s 50 day moving average is $92.43 and its 200-day moving average is $84.57. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 21.86 and a beta of 1.18.

Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 EPS. On average, analysts anticipate that Avery Dennison Corporation will post $4.83 EPS for the current year.

The business also recently disclosed 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 is Friday, September 1st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.93%. Avery Dennison Corporation’s payout ratio is currently 42.25%.

Several hedge funds and other institutional investors have recently bought and sold shares of AVY. BlackRock Inc. boosted its position in Avery Dennison Corporation by 3,215.2% in the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock worth $556,829,000 after buying an additional 6,700,152 shares during the last quarter. Principal Financial Group Inc. boosted its position in Avery Dennison Corporation by 110.5% in the second quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock worth $155,476,000 after buying an additional 923,548 shares during the last quarter. Congress Asset Management Co. MA bought a new position in Avery Dennison Corporation during the second quarter worth $71,964,000. Westfield Capital Management Co. LP bought a new position in Avery Dennison Corporation during the first quarter worth $51,499,000. Finally, MARSHALL WACE ASIA Ltd bought a new position in Avery Dennison Corporation during the first quarter worth $31,288,000. 88.28% of the stock is currently owned by hedge funds and other institutional investors.

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).