Avery Dennison Corp (AVY) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. lowered its position in shares of Avery Dennison Corp (NYSE:AVY) by 6.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,477 shares of the industrial products company’s stock after selling 994 shares during the period. Sumitomo Life Insurance Co.’s holdings in Avery Dennison were worth $1,460,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Avery Dennison by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 593,153 shares of the industrial products company’s stock valued at $63,023,000 after acquiring an additional 2,260 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Avery Dennison in the 1st quarter valued at about $381,000. LPL Financial LLC lifted its stake in shares of Avery Dennison by 16.5% in the 1st quarter. LPL Financial LLC now owns 17,545 shares of the industrial products company’s stock valued at $1,864,000 after acquiring an additional 2,485 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Avery Dennison by 2.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 60,295 shares of the industrial products company’s stock valued at $6,407,000 after acquiring an additional 1,647 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Avery Dennison by 39.6% in the 1st quarter. Millennium Management LLC now owns 113,810 shares of the industrial products company’s stock valued at $12,092,000 after acquiring an additional 32,287 shares during the last quarter. 84.66% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Georges Gravanis sold 13,000 shares of the business’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $112.67, for a total transaction of $1,464,710.00. Following the transaction, the insider now owns 11,886 shares in the company, valued at approximately $1,339,195.62. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anthony Anderson sold 1,275 shares of the business’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $104.75, for a total value of $133,556.25. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

AVY has been the subject of a number of recent research reports. Zacks Investment Research lowered Avery Dennison from a “hold” rating to a “sell” rating in a research note on Tuesday, June 26th. Barclays lowered their target price on Avery Dennison from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Wednesday, June 27th. Loop Capital set a $111.00 target price on Avery Dennison and gave the company a “hold” rating in a research note on Friday, July 13th. Citigroup boosted their target price on Avery Dennison from $126.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Bank of America boosted their target price on Avery Dennison from $114.00 to $126.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $123.56.

Shares of NYSE:AVY opened at $97.86 on Friday. Avery Dennison Corp has a 1 year low of $96.53 and a 1 year high of $123.67. The stock has a market cap of $8.70 billion, a P/E ratio of 17.50, a price-to-earnings-growth ratio of 2.35 and a beta of 1.26. The company has a current ratio of 1.10, a quick ratio of 0.79 and a debt-to-equity ratio of 1.26.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.11. Avery Dennison had a return on equity of 47.47% and a net margin of 3.83%. The company had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business earned $1.31 EPS. Avery Dennison’s revenue was up 14.0% compared to the same quarter last year. On average, analysts expect that Avery Dennison Corp will post 6.06 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 19th. Investors of record on Wednesday, September 5th were issued a dividend of $0.52 per share. The ex-dividend date was Tuesday, September 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.13%. Avery Dennison’s dividend payout ratio is presently 41.60%.

Avery Dennison Profile

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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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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