Riggs Asset Managment Co. Inc. Trims Stock Position in Avery Dennison Co. (NYSE:AVY)

Riggs Asset Managment Co. Inc. cut its stake in shares of Avery Dennison Co. (NYSE:AVY) by 25.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 150 shares of the industrial products company’s stock after selling 50 shares during the period. Riggs Asset Managment Co. Inc.’s holdings in Avery Dennison were worth $33,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB purchased a new position in shares of Avery Dennison during the 1st quarter worth approximately $102,117,000. Jennison Associates LLC purchased a new position in shares of Avery Dennison during the 1st quarter worth approximately $44,837,000. National Bank of Canada FI raised its stake in shares of Avery Dennison by 795.2% during the 2nd quarter. National Bank of Canada FI now owns 160,248 shares of the industrial products company’s stock worth $34,190,000 after buying an additional 142,348 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Avery Dennison by 179.5% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 216,135 shares of the industrial products company’s stock worth $47,258,000 after buying an additional 138,808 shares in the last quarter. Finally, Bahl & Gaynor Inc. raised its stake in shares of Avery Dennison by 51.9% during the 2nd quarter. Bahl & Gaynor Inc. now owns 240,096 shares of the industrial products company’s stock worth $52,497,000 after buying an additional 81,993 shares in the last quarter. 94.17% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AVY shares. Citigroup lowered their price target on Avery Dennison from $241.00 to $240.00 and set a “neutral” rating on the stock in a report on Wednesday, October 2nd. UBS Group cut Avery Dennison from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $262.00 to $235.00 in a report on Thursday, July 25th. BMO Capital Markets lowered their price target on Avery Dennison from $252.00 to $247.00 and set an “outperform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut Avery Dennison from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $210.00 in a report on Thursday. Finally, Bank of America upgraded Avery Dennison from an “underperform” rating to a “buy” rating and increased their target price for the company from $207.00 to $250.00 in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $245.42.

Insider Buying and Selling

In related news, Chairman Mitchell R. Butier sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the sale, the chairman now owns 304,114 shares of the company’s stock, valued at $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Avery Dennison news, Chairman Mitchell R. Butier sold 3,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $202.95, for a total value of $608,850.00. Following the transaction, the chairman now owns 304,114 shares of the company’s stock, valued at approximately $61,719,936.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Mitchell R. Butier sold 10,000 shares of Avery Dennison stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $213.75, for a total transaction of $2,137,500.00. Following the transaction, the chairman now owns 304,114 shares in the company, valued at approximately $65,004,367.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,108 shares of company stock valued at $12,545,087 over the last quarter. Corporate insiders own 1.10% of the company’s stock.

Avery Dennison Stock Up 1.1 %

Shares of NYSE AVY opened at $207.16 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.60 and a current ratio of 0.90. The stock’s 50-day simple moving average is $216.73 and its 200-day simple moving average is $218.44. Avery Dennison Co. has a 1 year low of $165.21 and a 1 year high of $233.48. The firm has a market cap of $16.69 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 1.78 and a beta of 0.88.

Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Avery Dennison had a return on equity of 33.44% and a net margin of 7.34%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.10 earnings per share. As a group, equities analysts anticipate that Avery Dennison Co. will post 9.41 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $3.52 annualized dividend and a yield of 1.70%. Avery Dennison’s payout ratio is 51.39%.

Avery Dennison Company Profile

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.