USS Investment Management Ltd bought a new position in shares of Avery Dennison Corporation (NYSE:AVY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 67,000 shares of the industrial products company’s stock, valued at approximately $7,697,000. USS Investment Management Ltd owned about 0.08% of Avery Dennison as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently modified their holdings of AVY. KAMES CAPITAL plc bought a new position in Avery Dennison during the fourth quarter valued at $71,586,000. State of Tennessee Treasury Department lifted its position in Avery Dennison by 265.7% during the third quarter. State of Tennessee Treasury Department now owns 490,850 shares of the industrial products company’s stock valued at $48,270,000 after purchasing an additional 356,628 shares during the last quarter. Atlantic Trust Group LLC lifted its position in Avery Dennison by 3,229.7% during the third quarter. Atlantic Trust Group LLC now owns 357,606 shares of the industrial products company’s stock valued at $35,167,000 after purchasing an additional 346,866 shares during the last quarter. State Street Corp lifted its position in Avery Dennison by 5.0% during the second quarter. State Street Corp now owns 4,776,961 shares of the industrial products company’s stock valued at $422,140,000 after purchasing an additional 229,297 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Avery Dennison by 2.3% during the second quarter. Vanguard Group Inc. now owns 9,196,133 shares of the industrial products company’s stock valued at $812,662,000 after purchasing an additional 204,239 shares during the last quarter. Hedge funds and other institutional investors own 84.92% of the company’s stock.
Several equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Avery Dennison from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research report on Monday, January 8th. Barclays increased their price objective on shares of Avery Dennison from $105.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Monday, October 30th. Robert W. Baird reiterated a “buy” rating and set a $115.00 price objective on shares of Avery Dennison in a research report on Friday, October 27th. Finally, Loop Capital increased their price objective on shares of Avery Dennison from $99.00 to $106.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Avery Dennison currently has a consensus rating of “Buy” and a consensus price target of $112.83.
In other news, Director Peter K. Barker sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $114.76, for a total value of $229,520.00. Following the completion of the sale, 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 is available through this hyperlink. Also, Chairman Dean A. Scarborough sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $104.54, for a total transaction of $1,045,400.00. Following the completion of the sale, the chairman now owns 94,042 shares of the company’s stock, valued at approximately $9,831,150.68. The disclosure for this sale can be found here. Insiders sold a total of 154,604 shares of company stock valued at $16,475,271 in the last 90 days. Company insiders own 1.40% of the company’s stock.
Shares of Avery Dennison Corporation (AVY) opened at $117.38 on Wednesday. The stock has a market cap of $10,507.14, a PE ratio of 26.20, a PEG ratio of 3.12 and a beta of 1.24. The company has a quick ratio of 0.82, a current ratio of 1.13 and a debt-to-equity ratio of 1.14. Avery Dennison Corporation has a twelve month low of $71.71 and a twelve month high of $120.32.
Avery Dennison (NYSE:AVY) last released its earnings results on Wednesday, October 25th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.05. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.65 billion. Avery Dennison had a net margin of 6.27% and a return on equity of 40.52%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business earned $1.01 EPS. research analysts expect that Avery Dennison Corporation will post 4.93 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were issued a $0.45 dividend. The ex-dividend date was Tuesday, December 5th. This represents a $1.80 annualized dividend and a dividend yield of 1.53%. Avery Dennison’s dividend payout ratio (DPR) is presently 40.18%.
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About Avery Dennison
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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