Avery Dennison Corp. (AVY) Shares Gap Up to $77.16
Avery Dennison Corp. (NYSE:AVY)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $76.81, but opened at $77.16. Avery Dennison Corp. shares last traded at $78.16, with a volume of 211,117 shares traded.
A number of research firms have recently issued reports on AVY. Zacks Investment Research cut shares of Avery Dennison Corp. from a “buy” rating to a “hold” rating in a research report on Monday, July 4th. Barclays PLC increased their price objective on shares of Avery Dennison Corp. from $82.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, May 2nd. JPMorgan Chase & Co. upped their target price on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Finally, Bank of America Corp. lowered shares of Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 target price on the stock. in a report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Avery Dennison Corp. presently has an average rating of “Hold” and a consensus target price of $78.14.
The company’s 50 day moving average is $75.75 and its 200-day moving average is $72.85. The stock has a market capitalization of $6.95 billion and a PE ratio of 23.30.
Avery Dennison Corp. (NYSE:AVY) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.08. The firm earned $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the firm posted $0.91 EPS. Avery Dennison Corp.’s revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that Avery Dennison Corp. will post $3.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 21st. Shareholders of record on Wednesday, September 7th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, September 2nd.
In other news, VP Anne Hill sold 30,000 shares of Avery Dennison Corp. stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $76.25, for a total transaction of $2,287,500.00. Following the sale, the vice president now owns 77,847 shares of the company’s stock, valued at approximately $5,935,833.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Susan C. Miller sold 2,000 shares of Avery Dennison Corp. stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $73.82, for a total transaction of $147,640.00. Following the sale, the vice president now directly owns 8,518 shares in the company, valued at approximately $628,798.76. The disclosure for this sale can be found here.
Several large investors recently made changes to their positions in the stock. Utah Retirement Systems raised its stake in shares of Avery Dennison Corp. by 0.6% in the fourth quarter. Utah Retirement Systems now owns 16,325 shares of the company’s stock worth $1,023,000 after buying an additional 100 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Avery Dennison Corp. by 15.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 171,600 shares of the company’s stock valued at $10,752,000 after buying an additional 22,860 shares during the last quarter. Principal Financial Group Inc. raised its stake in Avery Dennison Corp. by 17.5% in the fourth quarter. Principal Financial Group Inc. now owns 344,781 shares of the company’s stock valued at $21,604,000 after buying an additional 51,433 shares during the last quarter. Finally, RS Investment Management Co. LLC raised its stake in Avery Dennison Corp. by 10.2% in the fourth quarter. RS Investment Management Co. LLC now owns 500,844 shares of the company’s stock valued at $31,383,000 after buying an additional 46,400 shares during the last quarter.
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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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