Veritable L.P. Has $245,000 Stake in Avery Dennison Corporation (AVY)
Veritable L.P. lifted its holdings in shares of Avery Dennison Corporation (NYSE:AVY) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,777 shares of the industrial products company’s stock after buying an additional 16 shares during the period. Veritable L.P.’s holdings in Avery Dennison Corporation were worth $245,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Achmea Investment Management B.V. acquired a new position in shares of Avery Dennison Corporation during the first quarter worth approximately $2,696,000. Federated Investors Inc. PA boosted its position in shares of Avery Dennison Corporation by 1,038.8% during the second quarter. Federated Investors Inc. PA now owns 99,245 shares of the industrial products company’s stock worth $8,770,000 after buying an additional 90,530 shares during the period. Laurion Capital Management LP acquired a new position in shares of Avery Dennison Corporation during the first quarter worth approximately $443,000. BlackRock Inc. boosted its position in shares of Avery Dennison Corporation by 3,215.2% during the first quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock worth $556,829,000 after buying an additional 6,700,152 shares during the period. Finally, Kings Point Capital Management acquired a new position in shares of Avery Dennison Corporation during the second quarter worth approximately $2,831,000. Institutional investors and hedge funds own 86.65% of the company’s stock.
In related news, Director David E. I. Pyott sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $94.00, for a total value of $188,000.00. Following the completion of the sale, the director now owns 16,601 shares of the company’s stock, valued at $1,560,494. The sale was disclosed in a document filed with the SEC, which is accessible 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 transaction of $936,300.00. Following the completion of the sale, the director now directly owns 10,519 shares of the company’s stock, valued at approximately $984,893.97. The disclosure for this sale can be found here. In the last three months, insiders sold 12,298 shares of company stock valued at $1,152,312. 1.40% of the stock is currently owned by company insiders.
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Shares of Avery Dennison Corporation (NYSE:AVY) opened at 99.89 on Friday. The firm has a market capitalization of $8.83 billion, a P/E ratio of 23.46 and a beta of 1.19. Avery Dennison Corporation has a 52-week low of $68.55 and a 52-week high of $100.10. The firm has a 50-day moving average price of $96.00 and a 200-day moving average price of $88.55.
Avery Dennison Corporation (NYSE:AVY) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. Avery Dennison Corporation’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 earnings per share. On average, equities research analysts anticipate that Avery Dennison Corporation will post $4.83 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Friday, September 1st. Avery Dennison Corporation’s dividend payout ratio is currently 42.25%.
Several brokerages have recently issued reports on AVY. BidaskClub downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 9th. Zacks Investment Research downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Citigroup Inc. boosted their price objective on Avery Dennison Corporation from $106.00 to $108.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Bank of America Corporation upgraded Avery Dennison Corporation from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $96.00 in a research report on Tuesday, June 20th. Finally, Loop Capital began coverage on Avery Dennison Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $99.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $93.14.
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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