Avery Dennison Corporation (AVY) Shares Sold by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan decreased its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 25.1% during the second quarter, Holdings Channel reports. The firm owned 10,620 shares of the industrial products company’s stock after selling 3,550 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Avery Dennison Corporation were worth $938,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in AVY. BlackRock Inc. boosted its position in 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 period. Congress Asset Management Co. MA acquired a new position in Avery Dennison Corporation during the second quarter valued at $71,964,000. Westfield Capital Management Co. LP acquired a new position in Avery Dennison Corporation during the first quarter valued at $51,499,000. MARSHALL WACE ASIA Ltd acquired a new position in Avery Dennison Corporation during the first quarter valued at $31,288,000. Finally, Marshall Wace North America L.P. acquired a new position in Avery Dennison Corporation during the first quarter valued at $31,288,000. 87.60% of the stock is currently owned by institutional investors.
Shares of Avery Dennison Corporation (NYSE:AVY) opened at 93.02 on Friday. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 21.85 and a beta of 1.18. The stock’s 50 day moving average price is $91.80 and its 200 day moving average price is $84.00. Avery Dennison Corporation has a one year low of $68.55 and a one year high of $96.70.
Avery Dennison Corporation (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a return on equity of 39.29% and a net margin of 6.14%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. Analysts expect that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.94%. Avery Dennison Corporation’s dividend payout ratio is 42.25%.
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Several equities analysts have weighed in on AVY shares. Citigroup Inc. lifted their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Zacks Investment Research raised Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Monday, June 5th. Bank of America Corporation raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the company from $90.00 to $96.00 in a research note on Tuesday, June 20th. BidaskClub raised Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Finally, Aegis reaffirmed a “hold” rating on shares of Avery Dennison Corporation in a research note on Thursday, June 1st. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $91.67.
In other Avery Dennison Corporation news, VP Deon Stander sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $84.50, for a total value of $422,500.00. Following the completion of the transaction, the vice president now directly owns 10,998 shares in the company, valued at $929,331. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patrick Siewert sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total value of $936,300.00. Following the completion of the transaction, the director now owns 10,519 shares of the company’s stock, valued at $984,893.97. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,198 shares of company stock valued at $1,971,016. Corporate insiders own 1.40% of the company’s stock.
Avery Dennison Corporation 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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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