Macquarie Group Ltd. held its stake in shares of Avery Dennison Corp. (NYSE:AVY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,800 shares of the company’s stock at the end of the second quarter. Macquarie Group Ltd.’s holdings in Avery Dennison Corp. were worth $209,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in shares of 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 in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Avery Dennison Corp. by 6.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,645,479 shares of the company’s stock valued at $197,750,000 after buying an additional 155,210 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Avery Dennison Corp. during the second quarter valued at $158,866,000. Goldman Sachs Group Inc. increased its stake 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. Finally, AQR Capital Management LLC increased its stake in shares of Avery Dennison Corp. by 2.0% in the second quarter. AQR Capital Management LLC now owns 1,815,065 shares of the company’s stock valued at $135,676,000 after buying an additional 35,176 shares in the last quarter. Institutional investors and hedge funds own 89.50% of the company’s stock.
Avery Dennison Corp. (NYSE:AVY) opened at 78.04 on Tuesday. The stock’s 50 day moving average price is $77.41 and its 200-day moving average price is $75.10. Avery Dennison Corp. has a 12 month low of $57.06 and a 12 month high of $79.27. The company has a market capitalization of $6.93 billion, a P/E ratio of 23.26 and a beta of 0.92.
Avery Dennison Corp. (NYSE:AVY) last posted its earnings results on Tuesday, July 26th. The company reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.08. Avery Dennison Corp. had a return on equity of 34.82% and a net margin of 5.18%. The business earned $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. On average, equities research analysts predict that Avery Dennison Corp. will post $3.94 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 2.10%. The ex-dividend date was Friday, September 2nd. Avery Dennison Corp.’s payout ratio is 48.81%.
AVY has been the subject of several research reports. Zacks Investment Research downgraded Avery Dennison Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, September 20th. Bank of America Corp. downgraded Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 target price for the company. in a research report on Friday, July 1st. Finally, JPMorgan Chase & Co. increased their target price on Avery Dennison Corp. from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $78.00.
In other news, insider Dean A. Scarborough sold 130,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $77.05, for a total value of $10,016,500.00. Following the completion of the transaction, the insider now directly owns 261,066 shares in the company, valued at approximately $20,115,135.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David E. I. Pyott sold 2,000 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $78.61, for a total value of $157,220.00. Following the completion of the transaction, the director now owns 16,058 shares of the company’s stock, valued at $1,262,319.38. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
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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