New York State Teachers Retirement System cut its stake in shares of Avery Dennison Corp. (NYSE:AVY) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 158,591 shares of the company’s stock after selling 3,324 shares during the period. New York State Teachers Retirement System’s holdings in Avery Dennison Corp. were worth $11,855,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its position in Avery Dennison Corp. by 0.8% in the first quarter. State Street Corp now owns 4,023,834 shares of the company’s stock valued at $290,162,000 after buying an additional 33,028 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Avery Dennison Corp. by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 2,004,628 shares of the company’s stock valued at $144,554,000 after buying an additional 531,095 shares in the last quarter. Norges Bank bought a new position in shares of Avery Dennison Corp. during the fourth quarter valued at approximately $56,921,000. BlackRock Group LTD raised its position in shares of Avery Dennison Corp. by 7.5% in the first quarter. BlackRock Group LTD now owns 804,888 shares of the company’s stock valued at $58,039,000 after buying an additional 56,110 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Avery Dennison Corp. by 36.5% in the first quarter. Renaissance Technologies LLC now owns 771,900 shares of the company’s stock valued at $55,662,000 after buying an additional 206,400 shares in the last quarter. Institutional investors own 89.50% of the company’s stock.
Shares of Avery Dennison Corp. (NYSE:AVY) traded down 0.75% during midday trading on Friday, reaching $78.25. 331,803 shares of the company traded hands. The company’s 50 day moving average is $77.54 and its 200-day moving average is $74.66. Avery Dennison Corp. has a 12 month low of $55.29 and a 12 month high of $79.27. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 23.32 and a beta of 1.01.
Avery Dennison Corp. (NYSE:AVY) last released its earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.08. Avery Dennison Corp. had a net margin of 5.18% and a return on equity of 34.82%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the company earned $0.91 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Equities research analysts forecast that Avery Dennison Corp. will post $3.94 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were given a $0.41 dividend. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $1.64 annualized dividend and a dividend yield of 2.10%. Avery Dennison Corp.’s dividend payout ratio is presently 48.81%.
Several equities analysts have recently commented on AVY shares. Zacks Investment Research upgraded shares of Avery Dennison Corp. from a “hold” rating to a “buy” rating and set a $87.00 price objective on the stock in a report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Avery Dennison Corp. from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Finally, Bank of America Corp. lowered shares of Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 price objective on the stock. in a report on Friday, July 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Avery Dennison Corp. has a consensus rating of “Hold” and a consensus price target of $78.00.
In related news, VP Anne Hill sold 11,567 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $78.10, for a total value of $903,382.70. Following the sale, the vice president now directly owns 36,280 shares of the company’s stock, valued at $2,833,468. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Susan C. Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $77.56, for a total transaction of $155,120.00. Following the completion of the sale, the vice president now directly owns 8,518 shares in the company, valued at $660,656.08. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
Avery Dennison Corp. 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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.
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