Janney Montgomery Scott LLC lessened its holdings in Avery Dennison Co. (NYSE:AVY) by 4.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,710 shares of the industrial products company’s stock after selling 788 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Avery Dennison were worth $2,392,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Ceredex Value Advisors LLC increased its position in shares of Avery Dennison by 253.2% during the second quarter. Ceredex Value Advisors LLC now owns 1,154,350 shares of the industrial products company’s stock worth $131,699,000 after acquiring an additional 827,550 shares during the period. Victory Capital Management Inc. grew its stake in Avery Dennison by 20.3% in the second quarter. Victory Capital Management Inc. now owns 2,461,989 shares of the industrial products company’s stock worth $280,888,000 after purchasing an additional 414,812 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Avery Dennison by 130.0% in the second quarter. Nuveen Asset Management LLC now owns 666,115 shares of the industrial products company’s stock worth $75,997,000 after purchasing an additional 376,524 shares in the last quarter. Waverton Investment Management Ltd purchased a new position in Avery Dennison during the 3rd quarter worth $38,782,000. Finally, Great Lakes Advisors LLC raised its position in Avery Dennison by 186.6% during the 3rd quarter. Great Lakes Advisors LLC now owns 443,746 shares of the industrial products company’s stock valued at $56,728,000 after purchasing an additional 288,888 shares in the last quarter. 80.61% of the stock is currently owned by institutional investors.
In related news, Director Peter K. Barker sold 10,982 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $142.60, for a total value of $1,566,033.20. Following the transaction, the director now owns 37,478 shares in the company, valued at approximately $5,344,362.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Anne Hill sold 11,427 shares of the firm’s stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $141.53, for a total transaction of $1,617,263.31. Following the transaction, the vice president now directly owns 17,649 shares of the company’s stock, valued at $2,497,862.97. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 21st. The industrial products company reported $1.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.41. Avery Dennison had a net margin of 7.80% and a return on equity of 44.88%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities research analysts expect that Avery Dennison Co. will post 6.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 1.68%. The ex-dividend date is Tuesday, December 1st. This is an increase from Avery Dennison’s previous quarterly dividend of $0.58. Avery Dennison’s payout ratio is presently 35.15%.
Several equities analysts have recently commented on the company. Robert W. Baird raised their price target on Avery Dennison from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, October 22nd. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research report on Monday, July 27th. JPMorgan Chase & Co. cut shares of Avery Dennison from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $128.00 to $130.00 in a research report on Thursday, October 22nd. Morgan Stanley lifted their price objective on shares of Avery Dennison from $112.00 to $146.00 and gave the company an “equal weight” rating in a report on Friday, October 23rd. Finally, Loop Capital upped their target price on Avery Dennison from $136.00 to $164.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $141.73.
Avery Dennison Company 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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