MUFG Americas Holdings Corp lifted its position in Avery Dennison Corp (NYSE:AVY) by 17.1% during the third quarter, Holdings Channel reports. The fund owned 6,836 shares of the industrial products company’s stock after acquiring an additional 1,000 shares during the period. MUFG Americas Holdings Corp’s holdings in Avery Dennison were worth $741,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Zions Bancorporation purchased a new position in Avery Dennison during the third quarter worth approximately $108,000. Fort L.P. purchased a new position in Avery Dennison during the second quarter worth approximately $120,000. Ronna Sue Cohen purchased a new position in Avery Dennison during the third quarter worth approximately $206,000. Radnor Capital Management LLC purchased a new position in Avery Dennison during the third quarter worth approximately $209,000. Finally, Intrust Bank NA purchased a new position in Avery Dennison during the second quarter worth approximately $226,000. 83.98% of the stock is currently owned by hedge funds and other institutional investors.
In other Avery Dennison news, Director David E. I. Pyott sold 2,000 shares of Avery Dennison stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $93.00, for a total value of $186,000.00. Following the sale, the director now owns 17,293 shares in the company, valued at $1,608,249. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.
Avery Dennison (NYSE:AVY) last posted its earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 EPS for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.02). Avery Dennison had a net margin of 4.36% and a return on equity of 49.86%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter in the prior year, the firm earned $1.26 EPS. Avery Dennison’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts predict that Avery Dennison Corp will post 6.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th will be given a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, December 4th. This represents a $2.08 dividend on an annualized basis and a yield of 2.28%. Avery Dennison’s dividend payout ratio is currently 41.60%.
A number of brokerages recently commented on AVY. BMO Capital Markets set a $98.00 price objective on Avery Dennison and gave the stock a “hold” rating in a research report on Thursday, October 25th. They noted that the move was a valuation call. Barclays reduced their price objective on Avery Dennison from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. ValuEngine downgraded Avery Dennison from a “hold” rating to a “sell” rating in a research report on Friday, October 26th. Citigroup reduced their price objective 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. Finally, KeyCorp reiterated a “hold” rating on shares of Avery Dennison in a research report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $120.25.
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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