Veritas Investment Management UK Ltd Sells 1,110 Shares of Avery Dennison Corp (NYSE:AVY)

Veritas Investment Management UK Ltd cut its stake in shares of Avery Dennison Corp (NYSE:AVY) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 118,073 shares of the industrial products company’s stock after selling 1,110 shares during the period. Avery Dennison accounts for approximately 3.7% of Veritas Investment Management UK Ltd’s portfolio, making the stock its 15th largest holding. Veritas Investment Management UK Ltd owned approximately 0.14% of Avery Dennison worth $13,410,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Avery Dennison by 12.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,555,193 shares of the industrial products company’s stock valued at $642,625,000 after buying an additional 626,277 shares during the period. Boston Partners grew its holdings in shares of Avery Dennison by 26.2% during the second quarter. Boston Partners now owns 2,064,187 shares of the industrial products company’s stock worth $238,767,000 after purchasing an additional 428,743 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Avery Dennison by 14.2% during the second quarter. Invesco Ltd. now owns 1,871,043 shares of the industrial products company’s stock worth $216,442,000 after purchasing an additional 233,009 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Avery Dennison by 77.1% during the second quarter. Victory Capital Management Inc. now owns 1,857,542 shares of the industrial products company’s stock worth $214,881,000 after purchasing an additional 808,710 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its holdings in shares of Avery Dennison by 106.4% during the second quarter. Marshall Wace North America L.P. now owns 1,031,090 shares of the industrial products company’s stock worth $119,277,000 after purchasing an additional 531,517 shares in the last quarter. Hedge funds and other institutional investors own 88.37% of the company’s stock.

AVY traded down $0.37 during midday trading on Monday, hitting $133.46. The stock had a trading volume of 438,299 shares, compared to its average volume of 582,762. The company has a market cap of $11.13 billion, a P/E ratio of 22.02, a price-to-earnings-growth ratio of 2.47 and a beta of 1.32. The business has a fifty day moving average of $118.55 and a 200 day moving average of $113.24. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.74 and a current ratio of 1.03. Avery Dennison Corp has a 1 year low of $82.89 and a 1 year high of $134.56.

Avery Dennison (NYSE:AVY) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.05. The business had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. Avery Dennison had a return on equity of 53.79% and a net margin of 3.37%. Avery Dennison’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.45 earnings per share. On average, equities research analysts anticipate that Avery Dennison Corp will post 6.55 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 1.74%. The ex-dividend date is Tuesday, December 3rd. Avery Dennison’s dividend payout ratio is currently 38.28%.

In other Avery Dennison news, VP Lori J. Bondar sold 2,600 shares of the company’s stock in a transaction that occurred on 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 owns 20,028 shares of the company’s stock, valued at $2,321,245.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Lori J. Bondar sold 4,213 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $114.63, for a total value of $482,936.19. Following the completion of the sale, the chief accounting officer now owns 21,641 shares of the company’s stock, valued at approximately $2,480,707.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,781 shares of company stock valued at $2,418,877. 1.30% of the stock is owned by insiders.

AVY has been the subject of several recent analyst reports. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a report on Friday, September 13th. Berenberg Bank initiated coverage on Avery Dennison in a report on Thursday, August 15th. They set a “buy” rating and a $130.00 price objective for the company. Bank of America raised Avery Dennison from a “neutral” rating to a “buy” rating and set a $130.00 price objective for the company in a report on Friday, September 13th. UBS Group cut their price objective on Avery Dennison from $130.00 to $129.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, ValuEngine raised Avery Dennison from a “sell” rating to a “hold” rating in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Avery Dennison presently has a consensus rating of “Hold” and an average price target of $126.00.

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

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