Avery Dennison Corporation (NYSE:AVY) issued its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10, Bloomberg Earnings reports. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.09 earnings per share. Avery Dennison Corporation updated its FY17 guidance to $4.75-4.90 EPS.
Avery Dennison Corporation (AVY) traded up 1.19% during mid-day trading on Friday, reaching $93.02. 502,965 shares of the company’s stock were exchanged. Avery Dennison Corporation has a 52 week low of $68.55 and a 52 week high of $96.70. The company has a market capitalization of $8.22 billion, a P/E ratio of 21.85 and a beta of 1.18. The company’s 50 day moving average price is $91.80 and its 200-day moving average price is $84.00.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.94%. Avery Dennison Corporation’s dividend payout ratio is currently 42.25%.
In related news, Director Anthony Anderson sold 950 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $84.42, for a total transaction of $80,199.00. Following the completion of the transaction, the director now directly owns 7,492 shares of the company’s stock, valued at $632,474.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Deon Stander sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $84.50, for a total value of $422,500.00. Following the completion of the sale, the vice president now owns 10,998 shares in the company, valued at approximately $929,331. The disclosure for this sale can be found here. Insiders have sold 22,198 shares of company stock valued at $1,971,016 over the last ninety days. 1.40% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. American Beacon Advisors Inc. purchased a new position in shares of Avery Dennison Corporation during the first quarter worth $105,000. Van ECK Associates Corp raised its position in shares of Avery Dennison Corporation by 7.7% in the first quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock worth $107,000 after buying an additional 94 shares during the period. Acrospire Investment Management LLC purchased a new position in shares of Avery Dennison Corporation during the second quarter worth $129,000. Captrust Financial Advisors purchased a new position in shares of Avery Dennison Corporation during the second quarter worth $130,000. Finally, Pacad Investment Ltd. purchased a new position in shares of Avery Dennison Corporation during the second quarter worth $141,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.
A number of equities research analysts have recently commented on AVY shares. Citigroup Inc. increased their target price on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Zacks Investment Research upgraded shares of Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Monday, June 5th. Bank of America Corporation upgraded shares of Avery Dennison Corporation from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $90.00 to $96.00 in a research report on Tuesday, June 20th. BidaskClub raised shares of Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Finally, Aegis reissued a “hold” rating on shares of Avery Dennison Corporation in a research note on Thursday, June 1st. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Avery Dennison Corporation presently has an average rating of “Buy” and an average price target of $91.67.
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About Avery Dennison Corporation
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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