Tdam USA Inc. purchased a new stake in shares of Avery Dennison Corp (NYSE:AVY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,052 shares of the industrial products company’s stock, valued at approximately $2,088,000.
A number of other hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Avery Dennison by 15.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 709,191 shares of the industrial products company’s stock valued at $63,705,000 after purchasing an additional 95,641 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Avery Dennison during the first quarter valued at approximately $310,000. Pennsylvania Trust Co bought a new stake in Avery Dennison during the first quarter valued at approximately $10,137,000. BTIM Corp. lifted its position in Avery Dennison by 4.0% during the first quarter. BTIM Corp. now owns 148,997 shares of the industrial products company’s stock valued at $16,837,000 after purchasing an additional 5,796 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Avery Dennison by 38.5% during the first quarter. Meeder Asset Management Inc. now owns 10,061 shares of the industrial products company’s stock valued at $1,136,000 after purchasing an additional 2,798 shares during the last quarter. Institutional investors own 87.85% of the company’s stock.
Shares of AVY stock traded down $1.95 during trading hours on Wednesday, hitting $110.17. 87,643 shares of the company’s stock were exchanged, compared to its average volume of 615,348. The stock has a market capitalization of $9.61 billion, a P/E ratio of 18.18, a PEG ratio of 2.09 and a beta of 1.32. Avery Dennison Corp has a 12-month low of $82.89 and a 12-month high of $120.65. The stock has a 50 day simple moving average of $114.72. 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 posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 EPS for the quarter, topping the 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 net margin of 3.44% and a return on equity of 52.67%. The business’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted $1.66 earnings per share. On average, sell-side analysts anticipate that Avery Dennison Corp will post 6.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Tuesday, September 3rd. Avery Dennison’s dividend payout ratio (DPR) is presently 38.28%.
In related news, VP Lori J. Bondar sold 2,725 shares of Avery Dennison stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $113.27, for a total value of $308,660.75. Following the transaction, the vice president now directly owns 18,041 shares of the company’s stock, valued at $2,043,504.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Deon Stander sold 10,000 shares of Avery Dennison stock in a transaction on Monday, July 29th. The stock was sold at an average price of $116.41, for a total transaction of $1,164,100.00. Following the completion of the transaction, the vice president now directly owns 12,579 shares in the company, valued at $1,464,321.39. The disclosure for this sale can be found here. Insiders have sold 75,252 shares of company stock worth $8,721,924 over the last three months. Insiders own 1.30% of the company’s stock.
Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Avery Dennison from $105.00 to $111.00 and gave the company an “underweight” rating in a research report on Wednesday, July 24th. Citigroup lifted their target price on shares of Avery Dennison from $130.00 to $132.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Wednesday, April 24th. Finally, Bank of America downgraded shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 price target on the stock. in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Avery Dennison currently has an average rating of “Hold” and an average price target of $120.13.
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.
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