Avery Dennison Corp. (AVY) Stake Lowered by Tower Research Capital LLC TRC
Tower Research Capital LLC TRC cut its stake in Avery Dennison Corp. (NYSE:AVY) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 2,348 shares of the company’s stock after selling 16 shares during the period. Tower Research Capital LLC TRC’s holdings in Avery Dennison Corp. were worth $176,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Springbok Capital Management LLC bought a new position in Avery Dennison Corp. during the first quarter valued at $136,000. Financial Architects Inc bought a new position in Avery Dennison Corp. during the second quarter valued at $169,000. Whittier Trust Co. raised its position in Avery Dennison Corp. by 21.5% in the second quarter. Whittier Trust Co. now owns 2,357 shares of the company’s stock valued at $176,000 after buying an additional 417 shares during the last quarter. Creative Planning raised its position in Avery Dennison Corp. by 62.0% in the second quarter. Creative Planning now owns 2,578 shares of the company’s stock valued at $193,000 after buying an additional 987 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Avery Dennison Corp. by 64.9% in the first quarter. IFP Advisors Inc now owns 2,995 shares of the company’s stock valued at $216,000 after buying an additional 1,179 shares during the last quarter. Hedge funds and other institutional investors own 89.50% of the company’s stock.
Shares of Avery Dennison Corp. (NYSE:AVY) opened at 75.75 on Wednesday. Avery Dennison Corp. has a 52 week low of $57.06 and a 52 week high of $79.27. The company has a 50-day moving average of $77.34 and a 200-day moving average of $75.14. The stock has a market capitalization of $6.73 billion, a P/E ratio of 22.58 and a beta of 0.92.
Avery Dennison Corp. (NYSE:AVY) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.08. The business earned $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. On average, analysts anticipate that Avery Dennison Corp. will post $3.94 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Shareholders of record on Wednesday, September 7th were paid a dividend of $0.41 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.17%. Avery Dennison Corp.’s dividend payout ratio is currently 48.81%.
A number of equities analysts have weighed in on AVY shares. Zacks Investment Research upgraded shares of Avery Dennison Corp. from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research report on Wednesday, September 21st. JPMorgan Chase & Co. increased their target price on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the stock a “neutral” rating in a research 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 for the company. in a research report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Avery Dennison Corp. presently has a consensus rating of “Hold” and a consensus target price of $78.00.
In other Avery Dennison Corp. news, insider Georges Gravanis sold 39,117 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $77.71, for a total transaction of $3,039,782.07. Following the completion of the sale, the insider now directly owns 28,924 shares in the company, valued at approximately $2,247,684.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Susan C. Miller sold 2,000 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $77.94, for a total value of $155,880.00. Following the sale, the vice president now owns 8,518 shares of the company’s stock, valued at $663,892.92. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Avery Dennison Corp. Company 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 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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