Eqis Capital Management Inc. increased its stake in shares of Avery Dennison Corp (NYSE:AVY) by 20.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,590 shares of the industrial products company’s stock after buying an additional 966 shares during the period. Eqis Capital Management Inc.’s holdings in Avery Dennison Corp were worth $451,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Avery Dennison Corp during the fourth quarter worth $60,101,000. Edge Asset Management Inc. bought a new position in Avery Dennison Corp during the fourth quarter worth $45,212,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Avery Dennison Corp during the fourth quarter worth $38,784,000. AQR Capital Management LLC raised its position in Avery Dennison Corp by 18.3% in the fourth quarter. AQR Capital Management LLC now owns 2,552,362 shares of the industrial products company’s stock worth $179,227,000 after buying an additional 394,003 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in Avery Dennison Corp by 63.8% in the third quarter. Adage Capital Partners GP L.L.C. now owns 810,977 shares of the industrial products company’s stock worth $63,086,000 after buying an additional 315,998 shares during the period. Institutional investors own 86.43% of the company’s stock.
Avery Dennison Corp (NYSE:AVY) traded up 0.63% during mid-day trading on Friday, reaching $83.02. The company’s stock had a trading volume of 295,577 shares. The firm has a 50-day moving average of $82.03 and a 200-day moving average of $76.78. Avery Dennison Corp has a 52 week low of $68.55 and a 52 week high of $84.57. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 21.80 and a beta of 1.12.
Avery Dennison Corp (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $1.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.07. Avery Dennison Corp had a net margin of 5.27% and a return on equity of 37.46%. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that Avery Dennison Corp will post $4.60 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, June 5th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.18%. This is a positive change from Avery Dennison Corp’s previous quarterly dividend of $0.41. Avery Dennison Corp’s dividend payout ratio is currently 46.46%.
Several brokerages have recently commented on AVY. Zacks Investment Research lowered Avery Dennison Corp from a “buy” rating to a “hold” rating in a research note on Friday. KeyCorp reiterated a “hold” rating on shares of Avery Dennison Corp in a report on Wednesday, April 26th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $96.00 price objective (up previously from $95.00) on shares of Avery Dennison Corp in a report on Monday, May 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $82.60.
In other Avery Dennison Corp news, insider Dean A. Scarborough sold 34,437 shares of the firm’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $80.02, for a total value of $2,755,648.74. Following the transaction, the insider now directly owns 116,300 shares of the company’s stock, valued at $9,306,326. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anthony Anderson sold 950 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $84.42, for a total transaction of $80,199.00. Following the completion of the transaction, the director now directly owns 7,492 shares in the company, valued at $632,474.64. The disclosure for this sale can be found here. Insiders have sold 54,891 shares of company stock valued at $4,431,860 in the last ninety days. 2.70% of the stock is owned by company 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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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