Whittier Trust Co. increased its stake in Avery Dennison Corp. (NYSE:AVY) by 21.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,357 shares of the company’s stock after buying an additional 417 shares during the period. Whittier Trust Co.’s holdings in Avery Dennison Corp. were worth $176,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Springbok Capital Management LLC bought a new position in shares of Avery Dennison Corp. during the first quarter valued at about $136,000. Financial Architects Inc bought a new position in shares of Avery Dennison Corp. during the second quarter valued at about $169,000. Creative Planning increased its position in shares of Avery Dennison Corp. by 62.0% in the second quarter. Creative Planning now owns 2,578 shares of the company’s stock valued at $193,000 after buying an additional 987 shares during the period. Fairfield Bush & CO. bought a new position in shares of Avery Dennison Corp. during the first quarter valued at about $216,000. Finally, BB&T Securities LLC bought a new position in shares of Avery Dennison Corp. during the first quarter valued at about $219,000. Institutional investors and hedge funds own 89.49% of the company’s stock.
Shares of Avery Dennison Corp. (NYSE:AVY) traded up 0.96% during mid-day trading on Friday, hitting $76.45. The stock had a trading volume of 393,087 shares. The stock’s 50-day moving average is $77.06 and its 200-day moving average is $75.34. Avery Dennison Corp. has a 1-year low of $57.06 and a 1-year high of $79.27. The firm has a market capitalization of $6.79 billion, a PE ratio of 22.79 and a beta of 0.92.
Avery Dennison Corp. (NYSE:AVY) last released its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.08. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities analysts expect 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. Shareholders of record on Wednesday, September 7th were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Friday, September 2nd. Avery Dennison Corp.’s dividend payout ratio is presently 48.81%.
Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Avery Dennison Corp. from a “sell” rating to a “hold” rating and set a $88.00 price target on the stock in a research report on Thursday, July 28th. JPMorgan Chase & Co. upped their target price on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Bank of America Corp. downgraded shares of 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. One 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 stock. The stock currently has an average rating of “Hold” and an average price target of $80.00.
In other Avery Dennison Corp. news, insider Dean A. Scarborough sold 50,000 shares of Avery Dennison Corp. stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $77.75, for a total value of $3,887,500.00. Following the transaction, the insider now owns 156,066 shares in the company, valued at $12,134,131.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David E. I. Pyott sold 2,000 shares of Avery Dennison Corp. stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $78.61, for a total value of $157,220.00. Following the completion of the transaction, the director now owns 16,058 shares in the company, valued at approximately $1,262,319.38. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.
Avery Dennison Corp. Company Profile
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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