Miller Investment Management LP purchased a new stake in Avery Dennison Corporation (NYSE:AVY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,230 shares of the industrial products company’s stock, valued at approximately $219,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVY. Acrospire Investment Management LLC purchased a new stake in Avery Dennison Corporation in the 2nd quarter valued at $129,000. Captrust Financial Advisors purchased a new stake in Avery Dennison Corporation in the 2nd quarter valued at $130,000. Pacad Investment Ltd. purchased a new stake in Avery Dennison Corporation in the 2nd quarter valued at $141,000. Conning Inc. purchased a new stake in Avery Dennison Corporation in the 3rd quarter valued at $200,000. Finally, Advisor Partners LLC purchased a new stake in Avery Dennison Corporation in the 2nd quarter valued at $207,000. 86.43% of the stock is owned by institutional investors and hedge funds.
In other news, Chairman Dean A. Scarborough sold 10,000 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the completion of the transaction, the chairman now owns 94,042 shares in the company, valued at approximately $9,831,150.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Deon Stander sold 6,400 shares of the stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $107.64, for a total value of $688,896.00. Following the transaction, the vice president now owns 9,426 shares of the company’s stock, valued at approximately $1,014,614.64. The disclosure for this sale can be found here. Insiders sold a total of 140,047 shares of company stock valued at $14,824,481 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.
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A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Citigroup Inc. increased their price target on Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Robert W. Baird reissued a “buy” rating and issued a $115.00 price target on shares of Avery Dennison Corporation in a research report on Friday, October 27th. Barclays PLC increased their price target on Avery Dennison Corporation from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Finally, J P Morgan Chase & Co lowered Avery Dennison Corporation from an “overweight” rating to a “neutral” rating in a research report on Thursday, October 26th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $105.71.
Shares of Avery Dennison Corporation (NYSE:AVY) traded up $2.75 during trading hours on Tuesday, reaching $107.94. The company’s stock had a trading volume of 735,800 shares, compared to its average volume of 657,230. The company has a market cap of $9,260.55, a P/E ratio of 22.52, a PEG ratio of 3.05 and a beta of 1.22. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82. Avery Dennison Corporation has a 52-week low of $69.15 and a 52-week high of $108.99.
Avery Dennison Corporation (NYSE:AVY) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. Avery Dennison Corporation had a return on equity of 40.52% and a net margin of 6.27%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. sell-side analysts forecast that Avery Dennison Corporation will post 4.93 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, December 5th. This represents a $1.80 dividend on an annualized basis and a yield of 1.67%. Avery Dennison Corporation’s dividend payout ratio (DPR) is presently 40.18%.
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).
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