Citizens Financial Group Inc RI reduced its position in shares of Avery Dennison Corp (NYSE:AVY) by 18.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,409 shares of the industrial products company’s stock after selling 311 shares during the period. Citizens Financial Group Inc RI’s holdings in Avery Dennison were worth $161,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of AVY. Texas Permanent School Fund grew its position in shares of Avery Dennison by 2.3% during the 1st quarter. Texas Permanent School Fund now owns 15,134 shares of the industrial products company’s stock valued at $1,542,000 after purchasing an additional 341 shares in the last quarter. CWM LLC increased its stake in shares of Avery Dennison by 692.5% during the first quarter. CWM LLC now owns 317 shares of the industrial products company’s stock valued at $32,000 after buying an additional 277 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Avery Dennison by 3.3% during the first quarter. Crossmark Global Holdings Inc. now owns 6,824 shares of the industrial products company’s stock valued at $695,000 after acquiring an additional 220 shares in the last quarter. Brinker Capital Inc. lifted its stake in Avery Dennison by 4.7% in the first quarter. Brinker Capital Inc. now owns 5,556 shares of the industrial products company’s stock worth $566,000 after acquiring an additional 247 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in Avery Dennison by 3.3% in the first quarter. Janney Montgomery Scott LLC now owns 20,198 shares of the industrial products company’s stock valued at $2,058,000 after acquiring an additional 647 shares in the last quarter. 88.58% of the stock is currently owned by hedge funds and other institutional investors.
In other Avery Dennison news, VP Susan C. Miller sold 6,080 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $118.98, for a total transaction of $723,398.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bradley A. Alford sold 4,664 shares of Avery Dennison stock in a transaction on Friday, June 5th. The shares were sold at an average price of $124.91, for a total value of $582,580.24. Following the sale, the director now directly owns 24,154 shares of the company’s stock, valued at $3,017,076.14. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.
Several research firms have weighed in on AVY. Zacks Investment Research cut Avery Dennison from a “hold” rating to a “sell” rating and set a $118.00 price objective on the stock. in a research report on Wednesday, May 27th. Atlantic Securities initiated coverage on Avery Dennison in a research report on Monday, June 1st. They set an “overweight” rating and a $133.00 price target on the stock. Robert W. Baird increased their price objective on Avery Dennison from $120.00 to $130.00 in a report on Wednesday, June 10th. BMO Capital Markets boosted their target price on shares of Avery Dennison from $114.00 to $122.00 and gave the company a “market perform” rating in a report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. upgraded shares of Avery Dennison from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $110.00 to $115.00 in a research note on Tuesday, July 28th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Avery Dennison currently has an average rating of “Hold” and an average price target of $125.82.
AVY stock opened at $117.66 on Wednesday. The stock has a market cap of $9.63 billion, a PE ratio of 19.04, a P/E/G ratio of 3.11 and a beta of 1.13. The company has a 50-day moving average price of $116.46 and a 200 day moving average price of $113.53. Avery Dennison Corp has a 12 month low of $76.96 and a 12 month high of $141.09. The company has a current ratio of 1.22, a quick ratio of 0.84 and a debt-to-equity ratio of 1.65.
Avery Dennison (NYSE:AVY) last released its earnings results on Monday, July 27th. The industrial products company reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.14. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.52 billion. Avery Dennison had a return on equity of 45.88% and a net margin of 7.68%. The business’s revenue was down 14.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.72 earnings per share. Sell-side analysts forecast that Avery Dennison Corp will post 6.04 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.58 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.32 dividend on an annualized basis and a yield of 1.97%. Avery Dennison’s payout ratio is 35.15%.
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, as well as durable cast and reflective films.
Read More: Neutral Rating
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