Tokio Marine Asset Management Co. Ltd. lowered its position in Avery Dennison Corp. (NYSE:AVY) by 6.2% during the second quarter, Holdings Channel reports. The fund owned 4,051 shares of the company’s stock after selling 267 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Avery Dennison Corp. were worth $303,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. State Street Corp raised its stake in shares of Avery Dennison Corp. by 0.8% in the first quarter. State Street Corp now owns 4,023,834 shares of the company’s stock worth $290,162,000 after buying an additional 33,028 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of Avery Dennison Corp. during the second quarter worth $158,866,000. Goldman Sachs Group Inc. raised its stake in shares of Avery Dennison Corp. by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,004,628 shares of the company’s stock worth $144,554,000 after buying an additional 531,095 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Avery Dennison Corp. by 7.5% in the first quarter. BlackRock Group LTD now owns 804,888 shares of the company’s stock worth $58,039,000 after buying an additional 56,110 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Avery Dennison Corp. by 36.5% in the first quarter. Renaissance Technologies LLC now owns 771,900 shares of the company’s stock worth $55,662,000 after buying an additional 206,400 shares during the last quarter. Institutional investors and hedge funds own 89.49% of the company’s stock.
Avery Dennison Corp. (NYSE:AVY) traded up 0.96% during midday trading on Friday, reaching $76.45. The company’s stock had a trading volume of 393,087 shares. The stock has a market cap of $6.79 billion, a P/E ratio of 22.79 and a beta of 0.92. The stock’s 50 day moving average is $77.06 and its 200 day moving average is $75.34. Avery Dennison Corp. has a 12-month low of $57.06 and a 12-month high of $79.27.
Avery Dennison Corp. (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.08. The business earned $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. Analysts anticipate that Avery Dennison Corp. will post $3.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.15%. The ex-dividend date was Friday, September 2nd. Avery Dennison Corp.’s dividend payout ratio (DPR) is presently 48.81%.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Avery Dennison Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, September 20th. Bank of America Corp. lowered Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 target price on the stock. in a research report on Friday, July 1st. Finally, JPMorgan Chase & Co. upped their target price on Avery Dennison Corp. from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $78.00.
In other news, insider Georges Gravanis sold 39,117 shares of the firm’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $77.71, for a total transaction of $3,039,782.07. Following the sale, the insider now owns 28,924 shares of the company’s stock, valued at approximately $2,247,684.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Susan C. Miller sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $77.94, for a total value of $155,880.00. Following the sale, the vice president now directly owns 8,518 shares in the company, valued at approximately $663,892.92. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
About Avery Dennison Corp.
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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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