Dupont Capital Management Corp reduced its position in shares of Avery Dennison Co. (NYSE:AVY) by 57.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,591 shares of the industrial products company’s stock after selling 11,721 shares during the period. Dupont Capital Management Corp’s holdings in Avery Dennison were worth $1,098,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of AVY. Ceredex Value Advisors LLC boosted its holdings in Avery Dennison by 253.2% in the 2nd quarter. Ceredex Value Advisors LLC now owns 1,154,350 shares of the industrial products company’s stock valued at $131,699,000 after purchasing an additional 827,550 shares during the period. Victory Capital Management Inc. raised its stake in shares of Avery Dennison by 20.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,461,989 shares of the industrial products company’s stock valued at $280,888,000 after buying an additional 414,812 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Avery Dennison by 130.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 666,115 shares of the industrial products company’s stock valued at $75,997,000 after buying an additional 376,524 shares in the last quarter. Waverton Investment Management Ltd acquired a new position in shares of Avery Dennison in the 3rd quarter valued at $38,782,000. Finally, Glenmede Trust Co. NA raised its stake in shares of Avery Dennison by 397.0% in the 2nd quarter. Glenmede Trust Co. NA now owns 145,289 shares of the industrial products company’s stock valued at $16,575,000 after buying an additional 116,057 shares in the last quarter. 88.58% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on the stock. Robert W. Baird increased their target price on shares of Avery Dennison from $130.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. BMO Capital Markets raised their price objective on shares of Avery Dennison from $129.00 to $155.00 and gave the company a “market perform” rating in a research report on Thursday, October 22nd. Morgan Stanley raised their price objective on shares of Avery Dennison from $112.00 to $146.00 and gave the company an “equal weight” rating in a research report on Friday, October 23rd. UBS Group raised their price objective on shares of Avery Dennison from $140.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. cut shares of Avery Dennison from a “neutral” rating to an “underweight” rating and raised their price objective for the company from $128.00 to $130.00 in a research report on Thursday, October 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $141.73.
In related news, VP Anne Hill sold 11,427 shares of the business’s stock in a transaction on Friday, October 23rd. The shares were 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 in the company, valued at $2,497,862.97. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter K. Barker sold 10,982 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $142.60, for a total transaction of $1,566,033.20. Following the transaction, the director now owns 37,478 shares in the company, valued at $5,344,362.80. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
Shares of AVY stock opened at $143.38 on Thursday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.94 and a current ratio of 1.31. The company has a market capitalization of $11.96 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 3.04 and a beta of 0.98. The company’s 50 day moving average price is $130.71 and its two-hundred day moving average price is $117.91. Avery Dennison Co. has a 52 week low of $76.96 and a 52 week high of $146.02.
Avery Dennison (NYSE:AVY) last announced its earnings results on Wednesday, October 21st. The industrial products company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.50 by $0.41. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.67 billion. Avery Dennison had a net margin of 7.80% and a return on equity of 44.88%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $1.66 EPS. Analysts forecast that Avery Dennison Co. will post 6.86 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be issued a dividend of $0.62 per share. This is an increase from Avery Dennison’s previous quarterly dividend of $0.58. This represents a $2.48 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Tuesday, December 1st. Avery Dennison’s dividend payout ratio (DPR) is 35.15%.
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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