LMR Partners LLP Decreases Position in Avery Dennison Corp. (AVY)
LMR Partners LLP decreased its position in shares of Avery Dennison Corp. (NYSE:AVY) by 11.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,730 shares of the company’s stock after selling 1,866 shares during the period. LMR Partners LLP’s holdings in Avery Dennison Corp. were worth $1,101,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Bank of Montreal Can acquired a new stake in Avery Dennison Corp. during the second quarter valued at approximately $158,866,000. Goldman Sachs Group Inc. raised its stake in Avery Dennison Corp. by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,004,628 shares of the company’s stock valued at $144,554,000 after buying an additional 531,095 shares during the last quarter. AMI Asset Management Corp acquired a new stake in Avery Dennison Corp. during the second quarter valued at approximately $22,029,000. JPMorgan Chase & Co. raised its stake in Avery Dennison Corp. by 114.3% in the first quarter. JPMorgan Chase & Co. now owns 424,320 shares of the company’s stock valued at $30,597,000 after buying an additional 226,348 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Avery Dennison Corp. by 36.5% in the first quarter. Renaissance Technologies LLC now owns 771,900 shares of the company’s stock valued at $55,662,000 after buying an additional 206,400 shares during the last quarter. 89.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Avery Dennison Corp. (NYSE:AVY) traded down 1.04% on Friday, reaching $76.40. 531,154 shares of the company’s stock traded hands. The company has a market cap of $6.79 billion, a PE ratio of 22.77 and a beta of 0.92. Avery Dennison Corp. has a 12-month low of $57.06 and a 12-month high of $79.27. The stock has a 50-day moving average price of $77.28 and a 200-day moving average price of $75.20.
Avery Dennison Corp. (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.08. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Avery Dennison Corp. had a net margin of 5.18% and a return on equity of 34.82%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS. Equities research analysts anticipate that Avery Dennison Corp. will post $3.94 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.15%. The ex-dividend date was Friday, September 2nd. Avery Dennison Corp.’s dividend payout ratio is presently 48.81%.
Several research firms recently commented on AVY. Zacks Investment Research raised shares of Avery Dennison Corp. from a “sell” rating to a “hold” rating and set a $88.00 price objective on the stock in a research note on Thursday, July 28th. JPMorgan Chase & Co. boosted their price objective on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the stock a “neutral” rating in a research note 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 price objective on the stock. in a research note on Friday, July 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $78.00.
In related news, VP Susan C. Miller sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $77.36, for a total value of $154,720.00. Following the transaction, the vice president now owns 8,518 shares of the company’s stock, valued at approximately $658,952.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dean A. Scarborough sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $77.05, for a total transaction of $10,016,500.00. Following the completion of the transaction, the insider now directly owns 261,066 shares in the company, valued at approximately $20,115,135.30. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
About Avery Dennison Corp.
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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