Nisa Investment Advisors LLC lowered its stake in shares of Avery Dennison Corp (NYSE:AVY) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,951 shares of the industrial products company’s stock after selling 3,041 shares during the period. Nisa Investment Advisors LLC’s holdings in Avery Dennison were worth $2,618,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of AVY. First Horizon Advisors Inc. boosted its holdings in Avery Dennison by 291.5% in the 1st quarter. First Horizon Advisors Inc. now owns 278 shares of the industrial products company’s stock worth $27,000 after buying an additional 207 shares during the period. Ellevest Inc. boosted its holdings in Avery Dennison by 66.5% in the 2nd quarter. Ellevest Inc. now owns 268 shares of the industrial products company’s stock worth $31,000 after buying an additional 107 shares during the period. CWM LLC boosted its holdings in Avery Dennison by 692.5% in the 1st quarter. CWM LLC now owns 317 shares of the industrial products company’s stock worth $32,000 after buying an additional 277 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Avery Dennison by 603.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 542 shares of the industrial products company’s stock worth $55,000 after buying an additional 465 shares during the period. Finally, Arden Trust Co bought a new position in Avery Dennison in the 1st quarter worth approximately $60,000. Institutional investors own 88.55% of the company’s stock.
Several research analysts recently commented on AVY shares. Zacks Investment Research downgraded shares of Avery Dennison from a “hold” rating to a “sell” rating and set a $118.00 price objective for the company. in a report on Wednesday, May 27th. UBS Group raised their price target on shares of Avery Dennison from $126.00 to $128.00 and gave the company a “buy” rating in a report on Thursday, April 30th. JPMorgan Chase & Co. raised shares of Avery Dennison from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $110.00 to $115.00 in a report on Tuesday, July 28th. They noted that the move was a valuation call. Morgan Stanley lifted their price objective on shares of Avery Dennison from $105.00 to $112.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 28th. Finally, Robert W. Baird lifted their price objective on shares of Avery Dennison from $120.00 to $130.00 in a report on Wednesday, June 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $126.17.
Shares of NYSE:AVY opened at $113.34 on Friday. The stock has a market cap of $9.46 billion, a PE ratio of 18.34, a PEG ratio of 2.73 and a beta of 1.18. The company’s fifty day moving average is $115.99 and its 200 day moving average is $116.20. Avery Dennison Corp has a 52 week low of $76.96 and a 52 week high of $141.09. The company has a quick ratio of 0.86, a current ratio of 1.22 and a debt-to-equity ratio of 1.65.
Avery Dennison (NYSE:AVY) last released its quarterly earnings data on Monday, July 27th. The industrial products company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.14. Avery Dennison had a net margin of 7.68% and a return on equity of 45.88%. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company earned $1.72 earnings per share. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. Sell-side analysts anticipate that Avery Dennison Corp will post 6.1 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Tuesday, September 1st. Avery Dennison’s payout ratio is 35.15%.
In other Avery Dennison news, Director Bradley A. Alford sold 4,664 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $124.91, for a total value of $582,580.24. Following the transaction, the director now owns 24,154 shares in the company, valued at $3,017,076.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Susan C. Miller sold 6,080 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $118.98, for a total transaction of $723,398.40. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Avery Dennison Company Profile
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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