Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in shares of Avery Dennison Corp (NYSE:AVY) by 1.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 389,676 shares of the industrial products company’s stock after selling 6,748 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.47% of Avery Dennison worth $44,458,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of AVY. Norges Bank bought a new stake in Avery Dennison in the 4th quarter valued at $106,990,000. JPMorgan Chase & Co. boosted its stake in Avery Dennison by 28.6% in the 1st quarter. JPMorgan Chase & Co. now owns 2,633,455 shares of the industrial products company’s stock valued at $268,271,000 after purchasing an additional 586,042 shares during the period. Ceredex Value Advisors LLC bought a new stake in Avery Dennison in the 1st quarter valued at $33,292,000. Retirement Systems of Alabama boosted its stake in Avery Dennison by 683.1% in the 1st quarter. Retirement Systems of Alabama now owns 287,408 shares of the industrial products company’s stock valued at $29,278,000 after purchasing an additional 250,709 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Avery Dennison by 14.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,241,472 shares of the industrial products company’s stock valued at $126,469,000 after purchasing an additional 154,150 shares during the period. Institutional investors own 88.55% of the company’s stock.
In other Avery Dennison news, Director Bradley A. Alford sold 4,664 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $124.91, for a total value of $582,580.24. Following the completion of the transaction, the director now owns 24,154 shares of the company’s stock, valued at approximately $3,017,076.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Susan C. Miller sold 6,080 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $118.98, for a total value of $723,398.40. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Monday, July 27th. The industrial products company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.14. Avery Dennison had a return on equity of 45.88% and a net margin of 7.68%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the firm earned $1.72 EPS. Avery Dennison’s revenue was down 14.9% on a year-over-year basis. On average, research analysts forecast that Avery Dennison Corp will post 6.1 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.58 per share. The ex-dividend date is Tuesday, September 1st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.05%. Avery Dennison’s dividend payout ratio (DPR) is currently 35.15%.
Several analysts recently issued reports on the company. UBS Group boosted their price target on Avery Dennison from $126.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Robert W. Baird boosted their price target on Avery Dennison from $120.00 to $130.00 in a research note on Wednesday, June 10th. Atlantic Securities started coverage on Avery Dennison in a research note on Monday, June 1st. They issued an “overweight” rating and a $133.00 price target for the company. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. upgraded Avery Dennison from an “underweight” rating to a “neutral” rating and upped their target price for the company from $110.00 to $115.00 in a research report on Tuesday, July 28th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $126.17.
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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