Schwab Charles Investment Management Inc. cut its position in shares of Avery Dennison Corporation (NYSE:AVY) by 1.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 495,718 shares of the industrial products company’s stock after selling 5,344 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.56% of Avery Dennison worth $48,749,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Federated Investors Inc. PA lifted its holdings in Avery Dennison by 1,038.8% during the 2nd quarter. Federated Investors Inc. PA now owns 99,245 shares of the industrial products company’s stock valued at $8,770,000 after buying an additional 90,530 shares in the last quarter. ETRADE Capital Management LLC raised its holdings in shares of Avery Dennison by 12.8% in the 3rd quarter. ETRADE Capital Management LLC now owns 20,961 shares of the industrial products company’s stock valued at $2,061,000 after purchasing an additional 2,377 shares in the last quarter. Kings Point Capital Management bought a new stake in shares of Avery Dennison in the 2nd quarter valued at about $2,831,000. JPMorgan Chase & Co. raised its holdings in shares of Avery Dennison by 2.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 585,504 shares of the industrial products company’s stock valued at $51,742,000 after purchasing an additional 12,873 shares in the last quarter. Finally, AXA raised its holdings in shares of Avery Dennison by 35.1% in the 2nd quarter. AXA now owns 277,856 shares of the industrial products company’s stock valued at $24,554,000 after purchasing an additional 72,200 shares in the last quarter. 85.28% of the stock is owned by hedge funds and other institutional investors.
Avery Dennison Corporation (AVY) opened at $111.51 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.82 and a debt-to-equity ratio of 1.14. The firm has a market cap of $9,966.60, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 3.28 and a beta of 1.24. Avery Dennison Corporation has a 12-month low of $69.53 and a 12-month high of $114.79.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Tuesday, December 5th. Avery Dennison’s dividend payout ratio (DPR) is 40.18%.
In other news, insider Dean A. Scarborough sold 20,000 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $105.00, for a total value of $2,100,000.00. Following the completion of the sale, the insider now directly owns 94,042 shares in the company, valued at $9,874,410. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Lori J. Bondar sold 10,855 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the completion of the sale, the chief accounting officer now directly owns 18,556 shares of the company’s stock, valued at approximately $2,057,489.28. The disclosure for this sale can be found here. Insiders sold 152,604 shares of company stock valued at $16,245,751 over the last quarter. Company insiders own 1.40% of the company’s stock.
Several research firms have recently commented on AVY. Zacks Investment Research upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a report on Tuesday, November 7th. Barclays boosted their price target on shares of Avery Dennison from $105.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, October 30th. KeyCorp reaffirmed a “hold” rating on shares of Avery Dennison in a research report on Monday, October 30th. Robert W. Baird reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Avery Dennison in a research report on Friday, October 27th. Finally, Loop Capital lifted their price objective on shares of Avery Dennison from $99.00 to $106.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Avery Dennison currently has a consensus rating of “Buy” and an average target price of $110.83.
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About Avery Dennison
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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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