Eads & Heald Wealth Management grew its holdings in Avery Dennison Corp (NYSE:AVY) by 39.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,665 shares of the industrial products company’s stock after purchasing an additional 3,305 shares during the quarter. Eads & Heald Wealth Management’s holdings in Avery Dennison were worth $1,264,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in AVY. Squar Milner Financial Services LLC acquired a new stake in Avery Dennison during the second quarter worth about $112,000. Steward Partners Investment Advisory LLC grew its position in Avery Dennison by 270.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 1,152 shares of the industrial products company’s stock worth $118,000 after buying an additional 841 shares in the last quarter. Fort L.P. acquired a new stake in Avery Dennison during the second quarter worth about $120,000. Nichols & Pratt Advisers LLP MA acquired a new stake in Avery Dennison during the second quarter worth about $204,000. Finally, Ronna Sue Cohen acquired a new stake in Avery Dennison during the third quarter worth about $206,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.
AVY has been the topic of a number of recent research reports. Citigroup decreased their target price on Avery Dennison from $128.00 to $122.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Loop Capital raised Avery Dennison from a “hold” rating to a “buy” rating and set a $124.00 target price on the stock in a research report on Thursday, September 13th. Bank of America lifted their target price on Avery Dennison from $114.00 to $126.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, KeyCorp reissued a “hold” rating on shares of Avery Dennison in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $120.25.
Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.02). The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. Avery Dennison had a return on equity of 49.86% and a net margin of 4.36%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 EPS. As a group, sell-side analysts anticipate that Avery Dennison Corp will post 6.04 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Tuesday, December 4th. Avery Dennison’s dividend payout ratio is 41.60%.
In other Avery Dennison news, Director Anthony Anderson sold 1,275 shares of the firm’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $104.75, for a total transaction of $133,556.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by company insiders.
About Avery Dennison
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands. It also offers durable cast and reflective films.
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