Riverhead Capital Management LLC raised its stake in shares of Avery Dennison Corp (NYSE:AVY) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,400 shares of the industrial products company’s stock after purchasing an additional 100 shares during the quarter. Riverhead Capital Management LLC’s holdings in Avery Dennison were worth $278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in AVY. Horizon Investments LLC bought a new stake in shares of Avery Dennison in the 1st quarter worth approximately $271,000. Jennison Associates LLC bought a new stake in shares of Avery Dennison in the 2nd quarter worth approximately $260,000. Chicago Equity Partners LLC lifted its holdings in shares of Avery Dennison by 4.7% in the 2nd quarter. Chicago Equity Partners LLC now owns 19,045 shares of the industrial products company’s stock worth $2,203,000 after acquiring an additional 860 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Avery Dennison by 0.6% in the 2nd quarter. Bailard Inc. now owns 37,981 shares of the industrial products company’s stock worth $4,394,000 after acquiring an additional 215 shares during the last quarter. Finally, Xact Kapitalforvaltning AB lifted its holdings in shares of Avery Dennison by 9.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 17,022 shares of the industrial products company’s stock worth $1,923,000 after acquiring an additional 1,526 shares during the last quarter. Institutional investors and hedge funds own 88.66% of the company’s stock.
Shares of NYSE AVY traded up $4.23 during mid-day trading on Friday, hitting $117.23. The stock had a trading volume of 11,134 shares, compared to its average volume of 408,401. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.75 and a current ratio of 1.04. Avery Dennison Corp has a 1 year low of $82.89 and a 1 year high of $120.65. The business has a 50 day moving average price of $113.60 and a two-hundred day moving average price of $111.30. The firm has a market cap of $9.57 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 2.10 and a beta of 1.33.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.72 EPS for the quarter, topping the consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the firm earned $1.66 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts predict that Avery Dennison Corp will post 6.57 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Tuesday, September 3rd. Avery Dennison’s payout ratio is currently 38.28%.
AVY has been the subject of a number of recent research reports. Berenberg Bank initiated coverage on shares of Avery Dennison in a report on Thursday, August 15th. They issued a “buy” rating and a $130.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Avery Dennison from $105.00 to $111.00 and gave the stock an “underweight” rating in a report on Wednesday, July 24th. ValuEngine lowered shares of Avery Dennison from a “hold” rating to a “sell” rating in a report on Wednesday. Bank of America upgraded shares of Avery Dennison from a “neutral” rating to a “buy” rating in a report on Friday. Finally, UBS Group lowered their price objective on shares of Avery Dennison from $130.00 to $129.00 and set a “buy” rating for the company in a report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Avery Dennison currently has a consensus rating of “Hold” and a consensus target price of $121.67.
In other Avery Dennison news, Director Anthony Anderson sold 2,150 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $114.54, for a total transaction of $246,261.00. Following the transaction, the director now directly owns 2,862 shares of the company’s stock, valued at approximately $327,813.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Lori J. Bondar sold 4,213 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $114.63, for a total transaction of $482,936.19. Following the transaction, the chief accounting officer now directly owns 21,641 shares in the company, valued at $2,480,707.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,490 shares of company stock worth $8,886,301. Insiders own 1.30% of the company’s stock.
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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