Acadian Asset Management LLC increased its stake in Avery Dennison Corp (NYSE:AVY) by 104.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,830 shares of the industrial products company’s stock after buying an additional 7,073 shares during the period. Acadian Asset Management LLC’s holdings in Avery Dennison were worth $1,498,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in AVY. Congress Asset Management Co. MA grew its holdings in Avery Dennison by 0.4% in the third quarter. Congress Asset Management Co. MA now owns 827,183 shares of the industrial products company’s stock worth $89,625,000 after purchasing an additional 3,073 shares during the period. Point72 Asset Management L.P. grew its holdings in Avery Dennison by 312.9% in the second quarter. Point72 Asset Management L.P. now owns 514,956 shares of the industrial products company’s stock worth $52,577,000 after purchasing an additional 390,225 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Avery Dennison by 2.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 466,156 shares of the industrial products company’s stock worth $47,595,000 after purchasing an additional 12,647 shares during the period. TD Asset Management Inc. grew its holdings in Avery Dennison by 17.1% in the second quarter. TD Asset Management Inc. now owns 431,452 shares of the industrial products company’s stock worth $44,051,000 after purchasing an additional 62,892 shares during the period. Finally, PGGM Investments grew its holdings in Avery Dennison by 44.4% in the second quarter. PGGM Investments now owns 403,955 shares of the industrial products company’s stock worth $41,244,000 after purchasing an additional 124,155 shares during the period. 84.06% of the stock is owned by institutional investors.
In other news, Director Anthony Anderson sold 1,275 shares of the stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $104.75, for a total transaction of $133,556.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 EPS for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.02). Avery Dennison had a net margin of 4.36% and a return on equity of 49.86%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the previous year, the company earned $1.26 EPS. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, equities analysts predict that Avery Dennison Corp will post 6.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Stockholders of record on Wednesday, December 5th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Tuesday, December 4th. Avery Dennison’s payout ratio is 41.60%.
A number of brokerages have weighed in on AVY. Zacks Investment Research upgraded shares of Avery Dennison from a “sell” rating to a “hold” rating in a report on Monday. Barclays cut their price objective on shares of Avery Dennison from $135.00 to $130.00 and set an “overweight” rating on the stock in a report on Monday, October 29th. ValuEngine cut shares of Avery Dennison from a “hold” rating to a “sell” rating in a report on Friday, October 26th. BMO Capital Markets set a $98.00 price objective on shares of Avery Dennison and gave the stock a “hold” rating in a report on Thursday, October 25th. They noted that the move was a valuation call. Finally, Citigroup cut their price objective on shares of Avery Dennison from $128.00 to $122.00 and set a “buy” rating on the stock in a report on Wednesday, October 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $120.25.
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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. It also offers durable cast and reflective films.
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