AXA raised its holdings in shares of Avery Dennison Corporation (NYSE:AVY) by 35.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 277,856 shares of the industrial products company’s stock after buying an additional 72,200 shares during the period. AXA owned about 0.31% of Avery Dennison Corporation worth $24,554,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of AVY. BlackRock Inc. lifted its position in shares of Avery Dennison Corporation by 3,215.2% in the 1st quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after acquiring an additional 6,700,152 shares in the last quarter. Principal Financial Group Inc. lifted its position in Avery Dennison Corporation by 110.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,759,374 shares of the industrial products company’s stock worth $155,476,000 after buying an additional 923,548 shares in the last quarter. Congress Asset Management Co. MA purchased a new stake in Avery Dennison Corporation in the 2nd quarter worth approximately $71,964,000. Westfield Capital Management Co. LP purchased a new stake in Avery Dennison Corporation in the 1st quarter worth approximately $51,499,000. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Avery Dennison Corporation in the 1st quarter worth approximately $31,288,000. Hedge funds and other institutional investors own 87.76% of the company’s stock.
AVY has been the subject of a number of research analyst reports. Citigroup Inc. increased their target price on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Zacks Investment Research upgraded shares of Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a research report on Monday, June 5th. Bank of America Corporation upgraded shares of Avery Dennison Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $90.00 to $96.00 in a research note on Tuesday, June 20th. BidaskClub upgraded shares of Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Finally, Robert W. Baird restated a “buy” rating and set a $100.00 price target on shares of Avery Dennison Corporation in a research note on Friday, September 1st. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Avery Dennison Corporation currently has an average rating of “Buy” and a consensus target price of $92.86.
Avery Dennison Corporation (NYSE AVY) traded up 1.12% during mid-day trading on Friday, reaching $96.83. 903,393 shares of the company’s stock traded hands. The firm has a market cap of $8.56 billion, a PE ratio of 22.75 and a beta of 1.18. The firm has a 50 day moving average of $93.66 and a 200 day moving average of $86.71. Avery Dennison Corporation has a 1-year low of $68.55 and a 1-year high of $97.11.
Avery Dennison Corporation (NYSE:AVY) last released its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.09 EPS. Analysts forecast that Avery Dennison Corporation will post $4.83 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Friday, September 1st. Avery Dennison Corporation’s payout ratio is 42.25%.
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In related news, Director David E. I. Pyott sold 2,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $94.00, for a total value of $188,000.00. Following the sale, the director now directly owns 16,601 shares in the company, valued at approximately $1,560,494. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David E. I. Pyott sold 298 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $94.00, for a total value of $28,012.00. Following the completion of the sale, the director now owns 16,601 shares in the company, valued at $1,560,494. The disclosure for this sale can be found here. Insiders have sold a total of 12,298 shares of company stock worth $1,152,312 over the last quarter. Company insiders own 1.40% of the company’s stock.
About Avery Dennison Corporation
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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