Gateway Investment Advisers LLC lowered its stake in shares of Avery Dennison Corporation (NYSE:AVY) by 0.7% during the second quarter, Holdings Channel reports. The institutional investor owned 161,545 shares of the industrial products company’s stock after selling 1,187 shares during the period. Gateway Investment Advisers LLC’s holdings in Avery Dennison Corporation were worth $14,276,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. American Beacon Advisors Inc. purchased a new position in shares of Avery Dennison Corporation during the first quarter worth about $105,000. Van ECK Associates Corp raised its position in shares of Avery Dennison Corporation by 7.7% in the first quarter. Van ECK Associates Corp now owns 1,322 shares of the industrial products company’s stock worth $107,000 after buying an additional 94 shares during the period. Bronfman E.L. Rothschild L.P. raised its position in shares of Avery Dennison Corporation by 21.1% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,737 shares of the industrial products company’s stock worth $140,000 after buying an additional 303 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Avery Dennison Corporation during the first quarter worth about $171,000. Finally, Mn Services Vermogensbeheer B.V. raised its position in shares of Avery Dennison Corporation by 4.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,373 shares of the industrial products company’s stock worth $179,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Avery Dennison Corporation (AVY) opened at 93.22 on Thursday. The firm’s 50 day moving average price is $85.03 and its 200-day moving average price is $79.72. Avery Dennison Corporation has a 1-year low of $68.55 and a 1-year high of $93.66. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 24.48 and a beta of 1.18.

Avery Dennison Corporation (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 26th. The industrial products company reported $1.11 EPS for the quarter, beating the consensus estimate of $1.04 by $0.07. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.53 billion. Avery Dennison Corporation had a net margin of 5.56% and a return on equity of 38.48%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. On average, equities analysts anticipate that Avery Dennison Corporation will post $4.60 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th were given a $0.45 dividend. The ex-dividend date of this dividend was Monday, June 5th. This is a positive change from Avery Dennison Corporation’s previous quarterly dividend of $0.41. This represents a $1.80 annualized dividend and a dividend yield of 1.93%. Avery Dennison Corporation’s dividend payout ratio is currently 47.37%.

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A number of brokerages recently issued reports on AVY. Aegis restated a “hold” rating on shares of Avery Dennison Corporation in a research note on Thursday, June 1st. BidaskClub upgraded Avery Dennison Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Zacks Investment Research lowered Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. Bank of America Corporation upgraded Avery Dennison Corporation from a “neutral” rating to a “buy” rating and raised their target price for the stock from $90.00 to $96.00 in a research note on Tuesday, June 20th. Finally, KeyCorp restated a “hold” rating on shares of Avery Dennison Corporation in a research note on Wednesday, April 26th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $88.40.

In other news, Director Anthony Anderson sold 950 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $84.42, for a total value of $80,199.00. Following the sale, the director now directly owns 7,492 shares in the company, valued at $632,474.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Deon Stander sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $84.50, for a total transaction of $422,500.00. Following the completion of the sale, the vice president now owns 10,998 shares in the company, valued at $929,331. The disclosure for this sale can be found here. Insiders sold 12,198 shares of company stock worth $1,034,716 over the last quarter. Company insiders own 1.40% of the company’s stock.

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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).

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

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