Sandy Spring Bank cut its position in Avery Dennison Corp (NYSE:AVY) by 45.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 325 shares of the industrial products company’s stock after selling 275 shares during the quarter. Sandy Spring Bank’s holdings in Avery Dennison were worth $37,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in AVY. JPMorgan Chase & Co. lifted its stake in shares of Avery Dennison by 55.8% in the third quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock worth $196,147,000 after buying an additional 648,126 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Avery Dennison by 0.9% in the third quarter. Legal & General Group Plc now owns 476,122 shares of the industrial products company’s stock worth $51,587,000 after buying an additional 4,100 shares during the last quarter. Vanguard Group Inc raised its stake in Avery Dennison by 0.5% during the 3rd quarter. Vanguard Group Inc now owns 9,807,709 shares of the industrial products company’s stock valued at $1,062,666,000 after purchasing an additional 44,059 shares during the last quarter. State of Alaska Department of Revenue raised its stake in Avery Dennison by 2.3% during the 4th quarter. State of Alaska Department of Revenue now owns 18,243 shares of the industrial products company’s stock valued at $1,637,000 after purchasing an additional 408 shares during the last quarter. Finally, DNB Asset Management AS raised its stake in Avery Dennison by 17.4% during the 4th quarter. DNB Asset Management AS now owns 19,792 shares of the industrial products company’s stock valued at $1,778,000 after purchasing an additional 2,930 shares during the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.
Shares of AVY stock opened at $102.79 on Friday. Avery Dennison Corp has a 52-week low of $82.89 and a 52-week high of $117.00. The firm has a market capitalization of $8.70 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 1.91 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 1.14 and a debt-to-equity ratio of 1.77.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. Avery Dennison had a net margin of 2.74% and a return on equity of 53.28%. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company posted $1.44 EPS. The business’s revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts forecast that Avery Dennison Corp will post 6.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be paid a $0.58 dividend. This is a boost from Avery Dennison’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, June 4th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.26%. Avery Dennison’s dividend payout ratio is currently 34.32%.
In other news, Director Dean A. Scarborough sold 15,420 shares of the company’s stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $109.07, for a total value of $1,681,859.40. Following the sale, the director now owns 29,151 shares of the company’s stock, valued at approximately $3,179,499.57. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Lori J. Bondar sold 8,444 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $109.03, for a total transaction of $920,649.32. Following the completion of the sale, the vice president now directly owns 25,872 shares in the company, valued at approximately $2,820,824.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 238,328 shares of company stock valued at $25,927,220. Corporate insiders own 1.30% of the company’s stock.
Several equities analysts recently commented on AVY shares. UBS Group set a $125.00 target price on shares of Avery Dennison and gave the company a “buy” rating in a research note on Friday, January 18th. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research note on Wednesday, April 24th. Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. Loop Capital cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. Finally, BMO Capital Markets upped their target price on shares of Avery Dennison to $114.00 and gave the company a “market perform” rating in a research note on Monday, February 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $118.44.
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Avery Dennison 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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