Advisor Group Holdings Inc. purchased a new stake in Avery Dennison Corp (NYSE:AVY) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 22,507 shares of the industrial products company’s stock, valued at approximately $2,282,000.
Several other institutional investors also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp boosted its holdings in Avery Dennison by 8.9% during the first quarter. Peapack Gladstone Financial Corp now owns 115,005 shares of the industrial products company’s stock worth $11,716,000 after purchasing an additional 9,378 shares during the last quarter. Engineers Gate Manager LP boosted its holdings in Avery Dennison by 218.5% during the first quarter. Engineers Gate Manager LP now owns 5,965 shares of the industrial products company’s stock worth $608,000 after purchasing an additional 4,092 shares during the last quarter. BDO Wealth Advisors LLC acquired a new position in Avery Dennison during the first quarter worth $575,000. Paloma Partners Management Co boosted its holdings in Avery Dennison by 37.9% during the first quarter. Paloma Partners Management Co now owns 3,351 shares of the industrial products company’s stock worth $341,000 after purchasing an additional 921 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in Avery Dennison during the first quarter worth $1,144,000. Institutional investors own 88.56% of the company’s stock.
In other news, Director Bradley A. Alford sold 4,664 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $124.91, for a total value of $582,580.24. Following the transaction, the director now directly owns 24,154 shares of the company’s stock, valued at $3,017,076.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is owned by corporate insiders.
Several research analysts recently commented on the stock. Atlantic Securities assumed coverage on shares of Avery Dennison in a report on Monday, June 1st. They set an “overweight” rating and a $133.00 target price for the company. Loop Capital raised shares of Avery Dennison from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, March 20th. Robert W. Baird upped their price target on shares of Avery Dennison from $120.00 to $130.00 in a research report on Wednesday, June 10th. Citigroup dropped their price target on shares of Avery Dennison from $142.00 to $124.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 11th. Finally, ValuEngine raised shares of Avery Dennison from a “sell” rating to a “hold” rating in a research report on Friday, March 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Avery Dennison has an average rating of “Hold” and a consensus target price of $124.58.
Shares of AVY opened at $114.09 on Wednesday. The firm has a market capitalization of $9.33 billion, a PE ratio of 16.49, a PEG ratio of 2.81 and a beta of 1.18. The company’s 50-day moving average is $111.75 and its 200-day moving average is $118.11. Avery Dennison Corp has a fifty-two week low of $76.96 and a fifty-two week high of $141.09. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.14 and a quick ratio of 0.86.
Avery Dennison (NYSE:AVY) last issued its quarterly earnings data on Wednesday, April 29th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.16. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. Avery Dennison had a net margin of 8.29% and a return on equity of 51.00%. The company’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 earnings per share. Analysts predict that Avery Dennison Corp will post 5.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Tuesday, June 2nd. Avery Dennison’s payout ratio is presently 35.15%.
About Avery Dennison
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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