Pinnacle Associates Ltd. Holds Position in Avery Dennison Corporation (AVY)

Pinnacle Associates Ltd. held its stake in Avery Dennison Corporation (NYSE:AVY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,600 shares of the industrial products company’s stock at the end of the second quarter. Pinnacle Associates Ltd.’s holdings in Avery Dennison Corporation were worth $760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Nationwide Fund Advisors boosted its holdings in shares of Avery Dennison Corporation by 5.3% during the first quarter. Nationwide Fund Advisors now owns 25,318 shares of the industrial products company’s stock worth $2,041,000 after acquiring an additional 1,279 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Avery Dennison Corporation during the first quarter worth approximately $2,040,000. Russell Investments Group Ltd. boosted its holdings in shares of Avery Dennison Corporation by 5.4% during the first quarter. Russell Investments Group Ltd. now owns 51,004 shares of the industrial products company’s stock worth $4,112,000 after acquiring an additional 2,631 shares during the period. Great West Life Assurance Co. Can boosted its holdings in shares of Avery Dennison Corporation by 21.2% during the first quarter. Great West Life Assurance Co. Can now owns 109,242 shares of the industrial products company’s stock worth $8,803,000 after acquiring an additional 19,078 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Avery Dennison Corporation by 93.2% during the first quarter. BNP Paribas Arbitrage SA now owns 88,098 shares of the industrial products company’s stock worth $7,101,000 after acquiring an additional 42,491 shares during the period. 87.76% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director David E. I. Pyott sold 298 shares of Avery Dennison Corporation stock in a transaction that occurred on 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 directly owns 16,601 shares in the company, valued at approximately $1,560,494. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David E. I. Pyott sold 2,000 shares of Avery Dennison Corporation stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $94.00, for a total transaction of $188,000.00. Following the completion of the sale, the director now owns 16,601 shares of the company’s stock, 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 in the last three months. Insiders own 1.40% of the company’s stock.

AVY has been the subject of a number of research analyst reports. Zacks Investment Research cut Avery Dennison Corporation from a “buy” rating to a “hold” rating in a report on Friday, May 19th. Aegis reiterated a “hold” rating on shares of Avery Dennison Corporation in a research note on Thursday, June 1st. BidaskClub cut Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Bank of America Corporation upgraded Avery Dennison Corporation from a “neutral” rating to a “buy” rating and boosted their price target for the company from $90.00 to $96.00 in a research note on Tuesday, June 20th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $92.86.

Shares of Avery Dennison Corporation (NYSE:AVY) traded up 0.90% on Friday, hitting $96.62. 297,320 shares of the stock traded hands. The firm has a market cap of $8.54 billion, a P/E ratio of 22.70 and a beta of 1.18. Avery Dennison Corporation has a 52 week low of $68.55 and a 52 week high of $97.11. The stock has a 50-day moving average price of $93.52 and a 200 day moving average price of $86.59.

Avery Dennison Corporation (NYSE:AVY) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 EPS. Equities research analysts predict that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Friday, September 1st. Avery Dennison Corporation’s dividend payout ratio (DPR) is 42.25%.

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Avery Dennison Corporation Company Profile

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).

Institutional Ownership by Quarter for Avery Dennison Corporation (NYSE:AVY)

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