State of Tennessee Treasury Department boosted its position in shares of Avery Dennison Corp (NYSE:AVY) by 7.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 20,894 shares of the industrial products company’s stock after buying an additional 1,442 shares during the period. State of Tennessee Treasury Department’s holdings in Avery Dennison were worth $2,373,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in AVY. AdvisorNet Financial Inc bought a new position in Avery Dennison during the third quarter valued at about $28,000. TRUE Private Wealth Advisors bought a new position in Avery Dennison during the second quarter valued at about $40,000. Amica Retiree Medical Trust bought a new position in Avery Dennison during the second quarter valued at about $44,000. CSat Investment Advisory L.P. boosted its stake in Avery Dennison by 57.3% during the second quarter. CSat Investment Advisory L.P. now owns 461 shares of the industrial products company’s stock valued at $53,000 after buying an additional 168 shares in the last quarter. Finally, Kavar Capital Partners LLC bought a new position in Avery Dennison during the second quarter valued at about $55,000. 88.37% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on AVY. Bank of America upgraded Avery Dennison from a “neutral” rating to a “buy” rating and set a $130.00 price target for the company in a research report on Friday, September 13th. ValuEngine upgraded Avery Dennison from a “sell” rating to a “hold” rating in a research report on Tuesday, November 5th. Berenberg Bank began coverage on Avery Dennison in a research report on Thursday, August 15th. They issued a “buy” rating and a $130.00 price target for the company. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Friday, September 13th. Finally, Citigroup lowered Avery Dennison from a “buy” rating to a “neutral” rating and increased their price target for the company from $132.00 to $136.00 in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $126.00.
Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.05. Avery Dennison had a return on equity of 53.79% and a net margin of 3.37%. The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the company posted $1.45 EPS. Avery Dennison’s revenue for the quarter was up .0% on a year-over-year basis. Equities analysts predict that Avery Dennison Corp will post 6.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Tuesday, December 3rd. Avery Dennison’s dividend payout ratio is currently 38.28%.
In related news, VP Lori J. Bondar sold 2,600 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $115.90, for a total value of $301,340.00. Following the completion of the sale, the vice president now directly owns 20,028 shares of the company’s stock, valued at approximately $2,321,245.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Anthony Anderson sold 2,150 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $114.54, for a total value of $246,261.00. Following the completion of the sale, the director now directly owns 2,862 shares of the company’s stock, valued at $327,813.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,781 shares of company stock valued at $2,418,877. Company insiders own 1.30% of the company’s stock.
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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