Zurich Insurance Group Ltd FI Takes Position in Avery Dennison Corporation (AVY)
Zurich Insurance Group Ltd FI acquired a new position in Avery Dennison Corporation (NYSE:AVY) during the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 29,500 shares of the company’s stock, valued at approximately $2,071,000.
A number of other hedge funds have also recently made changes to their positions in the company. State Street Corp raised its stake in shares of Avery Dennison Corporation by 5.3% in the fourth quarter. State Street Corp now owns 4,528,426 shares of the company’s stock worth $317,975,000 after buying an additional 228,265 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Avery Dennison Corporation by 7.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,845,958 shares of the company’s stock worth $221,387,000 after buying an additional 200,479 shares during the period. AQR Capital Management LLC boosted its position in shares of Avery Dennison Corporation by 2.0% in the second quarter. AQR Capital Management LLC now owns 1,815,065 shares of the company’s stock worth $135,676,000 after buying an additional 35,176 shares during the period. BlackRock Fund Advisors boosted its position in shares of Avery Dennison Corporation by 4.1% in the third quarter. BlackRock Fund Advisors now owns 1,645,223 shares of the company’s stock worth $127,982,000 after buying an additional 64,653 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Avery Dennison Corporation by 12.0% in the third quarter. Wells Fargo & Company MN now owns 1,032,376 shares of the company’s stock worth $80,310,000 after buying an additional 110,529 shares during the period. Hedge funds and other institutional investors own 86.43% of the company’s stock.
Avery Dennison Corporation (NYSE:AVY) traded up 0.78% on Thursday, hitting $80.16. The company’s stock had a trading volume of 972,372 shares. The stock has a market cap of $7.22 billion, a PE ratio of 22.67 and a beta of 1.12. The firm has a 50 day moving average of $74.92 and a 200-day moving average of $74.79. Avery Dennison Corporation has a 12 month low of $62.57 and a 12 month high of $80.84.
Avery Dennison Corporation (NYSE:AVY) last announced its earnings results on Wednesday, February 1st. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.93 by $0.06. Avery Dennison Corporation had a return on equity of 37.46% and a net margin of 5.27%. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the prior year, the company earned $0.85 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, analysts expect that Avery Dennison Corporation will post $4.43 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, February 27th. This represents a $1.64 annualized dividend and a dividend yield of 2.05%. Avery Dennison Corporation’s payout ratio is 46.46%.
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Several equities analysts have recently weighed in on AVY shares. Zacks Investment Research upgraded Avery Dennison Corporation from a “sell” rating to a “buy” rating and set a $89.00 price objective on the stock in a report on Friday, February 3rd. Citigroup Inc. raised Avery Dennison Corporation from a “neutral” rating to a “buy” rating in a research report on Friday, January 6th. Aegis started coverage on Avery Dennison Corporation in a research report on Monday, November 21st. They set a “hold” rating and a $75.00 price target on the stock. Bank of America Corporation raised Avery Dennison Corporation from an “underperform” rating to a “neutral” rating in a research report on Wednesday, December 7th. Finally, J P Morgan Chase & Co raised Avery Dennison Corporation from a “neutral” rating to an “overweight” rating and set a $78.00 price target on the stock in a research report on Thursday, October 27th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $79.29.
In related news, insider Dean A. Scarborough sold 28,734 shares of the company’s stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $73.00, for a total transaction of $2,097,582.00. Following the sale, the insider now owns 156,066 shares in the company, valued at approximately $11,392,818. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Julia A. Stewart sold 2,000 shares of the company’s stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $72.65, for a total value of $145,300.00. Following the sale, the director now owns 7,018 shares in the company, valued at approximately $509,857.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 365,376 shares of company stock worth $28,260,408. 2.70% of the stock is owned by corporate insiders.
Avery Dennison Corporation 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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