Insider Selling: Avery Dennison Corporation (NYSE:AVY) Director Sells 10,000 Shares of Stock
Avery Dennison Corporation (NYSE:AVY) Director Patrick Siewert sold 10,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total transaction of $936,300.00. Following the transaction, the director now owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Avery Dennison Corporation (NYSE:AVY) traded down 0.36% during midday trading on Friday, hitting $92.93. 138,796 shares of the stock traded hands. The stock has a 50-day moving average of $90.28 and a 200 day moving average of $83.05. Avery Dennison Corporation has a 52-week low of $68.55 and a 52-week high of $96.70. The firm has a market cap of $8.21 billion, a PE ratio of 21.83 and a beta of 1.18.
Avery Dennison Corporation (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.10. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. Equities analysts forecast that Avery Dennison Corporation will post $4.83 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 1.93%. Avery Dennison Corporation’s payout ratio is 42.25%.
Several equities analysts have commented on AVY shares. KeyCorp reiterated a “hold” rating on shares of Avery Dennison Corporation in a research report on Wednesday, April 26th. Barclays PLC reiterated an “overweight” rating and set a $96.00 price objective (up previously from $95.00) on shares of Avery Dennison Corporation in a research report on Monday, May 1st. Zacks Investment Research lowered shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. Aegis reiterated a “hold” rating on shares of Avery Dennison Corporation in a research report on Thursday, June 1st. Finally, BidaskClub lowered shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $91.67.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Avery Dennison Corporation by 3,215.2% in the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after buying an additional 6,700,152 shares during the last quarter. Congress Asset Management Co. MA purchased a new position in shares of Avery Dennison Corporation during the second quarter valued at $71,964,000. Westfield Capital Management Co. LP purchased a new position in shares of Avery Dennison Corporation during the first quarter valued at $51,499,000. MARSHALL WACE ASIA Ltd purchased a new position in shares of Avery Dennison Corporation during the first quarter valued at $31,288,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of Avery Dennison Corporation during the first quarter valued at $31,288,000. 86.78% of the stock is currently owned by hedge funds and other institutional investors.
About Avery Dennison Corporation
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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