New Mexico Educational Retirement Board Trims Holdings in Avery Dennison Corp (NYSE:AVY)

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New Mexico Educational Retirement Board decreased its holdings in Avery Dennison Corp (NYSE:AVY) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,875 shares of the industrial products company’s stock after selling 400 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Avery Dennison were worth $795,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Horizon Investments LLC purchased a new stake in Avery Dennison in the 1st quarter valued at $271,000. Xact Kapitalforvaltning AB raised its position in Avery Dennison by 9.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 17,022 shares of the industrial products company’s stock valued at $1,923,000 after purchasing an additional 1,526 shares during the last quarter. New York State Common Retirement Fund increased its stake in Avery Dennison by 6.9% in the 1st quarter. New York State Common Retirement Fund now owns 213,000 shares of the industrial products company’s stock valued at $24,069,000 after buying an additional 13,685 shares during the period. Commerzbank Aktiengesellschaft FI acquired a new position in Avery Dennison in the 2nd quarter valued at $216,000. Finally, Nissay Asset Management Corp Japan ADV increased its stake in Avery Dennison by 2.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 7,727 shares of the industrial products company’s stock valued at $873,000 after buying an additional 198 shares during the period. Hedge funds and other institutional investors own 88.29% of the company’s stock.

AVY traded down $0.46 during trading on Wednesday, hitting $112.46. The stock had a trading volume of 599 shares, compared to its average volume of 498,181. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.75 and a current ratio of 1.04. The firm has a market capitalization of $9.43 billion, a P/E ratio of 18.55, a PEG ratio of 2.04 and a beta of 1.32. The company’s 50-day moving average price is $113.59 and its 200 day moving average price is $110.56. Avery Dennison Corp has a twelve month low of $82.89 and a twelve month high of $120.65.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the company posted $1.66 EPS. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Avery Dennison Corp will post 6.57 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.06%. Avery Dennison’s dividend payout ratio (DPR) is presently 38.28%.

In other news, Chairman Mitchell R. Butier sold 50,000 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $116.21, for a total transaction of $5,810,500.00. Following the transaction, the chairman now directly owns 158,316 shares of the company’s stock, valued at approximately $18,397,902.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Lori J. Bondar sold 2,600 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $115.90, for a total transaction of $301,340.00. Following the transaction, the vice president now directly owns 20,028 shares in the company, valued at $2,321,245.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,852 shares of company stock worth $9,023,264. Corporate insiders own 1.30% of the company’s stock.

AVY has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Avery Dennison from $105.00 to $111.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. Citigroup boosted their price objective on shares of Avery Dennison from $130.00 to $132.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Bank of America cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 price objective on the stock. in a research note on Friday, July 12th. Finally, Berenberg Bank initiated coverage on shares of Avery Dennison in a research note on Thursday, August 15th. They issued a “buy” rating and a $130.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $121.23.

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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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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