Neuberger Berman Group LLC grew its position in shares of Avery Dennison Corporation (NYSE:AVY) by 6.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 801,191 shares of the industrial products company’s stock after purchasing an additional 46,706 shares during the period. Neuberger Berman Group LLC owned about 0.91% of Avery Dennison worth $78,789,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of AVY. Acrospire Investment Management LLC bought a new stake in Avery Dennison during the second quarter worth about $129,000. Captrust Financial Advisors bought a new stake in Avery Dennison during the second quarter worth about $130,000. Pacad Investment Ltd. bought a new stake in Avery Dennison during the second quarter worth about $141,000. Conning Inc. bought a new stake in Avery Dennison during the third quarter worth about $200,000. Finally, Davidson & Garrard Inc. bought a new stake in Avery Dennison during the third quarter worth about $202,000. 85.42% of the stock is owned by hedge funds and other institutional investors.
In other Avery Dennison news, Director Peter K. Barker sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $114.76, for a total transaction of $229,520.00. Following the transaction, the director now owns 26,703 shares in the company, valued at approximately $3,064,436.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mitchell R. Butier sold 77,551 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $106.31, for a total value of $8,244,446.81. Following the transaction, the insider now owns 130,673 shares in the company, valued at approximately $13,891,846.63. The disclosure for this sale can be found here. Insiders have sold a total of 154,604 shares of company stock worth $16,475,271 in the last quarter. Company insiders own 1.40% of the company’s stock.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the business earned $1.01 EPS. Avery Dennison’s revenue was up 11.3% compared to the same quarter last year. equities analysts forecast that Avery Dennison Corporation will post 4.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Wednesday, December 6th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, December 5th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.55%. Avery Dennison’s dividend payout ratio (DPR) is 40.18%.
A number of equities research analysts have recently weighed in on AVY shares. Robert W. Baird reissued a “buy” rating and issued a $100.00 target price on shares of Avery Dennison in a research note on Friday, September 1st. Zacks Investment Research raised Avery Dennison from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a research note on Tuesday, November 7th. Loop Capital boosted their target price on Avery Dennison from $99.00 to $106.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research note on Friday, September 22nd. Finally, J P Morgan Chase & Co lowered Avery Dennison from an “overweight” rating to a “neutral” rating in a research note on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $110.83.
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Avery Dennison 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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