Pinebridge Investments L.P. reduced its position in shares of Avery Dennison Corporation (NYSE:AVY) by 66.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,687 shares of the industrial products company’s stock after selling 36,290 shares during the period. Pinebridge Investments L.P.’s holdings in Avery Dennison were worth $1,838,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Acrospire Investment Management LLC acquired a new position in Avery Dennison during the second quarter worth about $129,000. Captrust Financial Advisors acquired a new position in Avery Dennison during the second quarter worth about $130,000. Pacad Investment Ltd. acquired a new position in Avery Dennison during the second quarter worth about $141,000. Conning Inc. acquired a new position in Avery Dennison during the third quarter worth about $200,000. Finally, Davidson & Garrard Inc. acquired a new position in Avery Dennison during the third quarter worth about $202,000. 84.82% of the stock is owned by hedge funds and other institutional investors.
Avery Dennison Corporation (AVY) traded down $0.71 during mid-day trading on Friday, hitting $114.86. 351,984 shares of the stock traded hands, compared to its average volume of 636,942. The firm has a market capitalization of $10,174.36, a price-to-earnings ratio of 25.64, a PEG ratio of 3.35 and a beta of 1.24. Avery Dennison Corporation has a twelve month low of $69.53 and a twelve month high of $117.92. The company has a quick ratio of 0.82, a current ratio of 1.13 and a debt-to-equity ratio of 1.14.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Tuesday, December 5th. Avery Dennison’s payout ratio is 40.18%.
Several research analysts have weighed in on AVY shares. Robert W. Baird restated a “buy” rating and set a $100.00 target price on shares of Avery Dennison in a research report on Friday, September 1st. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research report on Friday, September 22nd. Zacks Investment Research lowered shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Loop Capital started coverage on shares of Avery Dennison in a research report on Thursday, September 28th. They set a “hold” rating and a $99.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered shares of Avery Dennison from an “overweight” rating to a “neutral” rating in a research report on Thursday, October 26th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Avery Dennison presently has a consensus rating of “Buy” and an average price target of $110.83.
In related news, CAO Lori J. Bondar sold 10,855 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $110.88, for a total transaction of $1,203,602.40. Following the transaction, the chief accounting officer now owns 18,556 shares of the company’s stock, valued at $2,057,489.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the transaction, the chairman now directly owns 94,042 shares in the company, valued at approximately $9,831,150.68. The disclosure for this sale can be found here. Insiders have sold 154,604 shares of company stock worth $16,475,271 in the last three months. Insiders own 1.40% of the company’s stock.
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Avery Dennison Profile
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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