BARING ASSET MANAGEMENT Ltd Acquires 14,825 Shares of Avery Dennison Corporation (AVY)
BARING ASSET MANAGEMENT Ltd raised its position in shares of Avery Dennison Corporation (NYSE:AVY) by 10.2% during the second quarter, Holdings Channel reports. The fund owned 160,113 shares of the industrial products company’s stock after buying an additional 14,825 shares during the period. Avery Dennison Corporation comprises approximately 0.9% of BARING ASSET MANAGEMENT Ltd’s portfolio, making the stock its 24th largest position. BARING ASSET MANAGEMENT Ltd’s holdings in Avery Dennison Corporation were worth $14,150,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. American Beacon Advisors Inc. purchased a new stake in Avery Dennison Corporation during the first quarter valued at $105,000. Van ECK Associates Corp boosted its stake in 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 valued at $107,000 after buying an additional 94 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in 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 valued at $140,000 after buying an additional 303 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in Avery Dennison Corporation during the first quarter valued at $171,000. Finally, Mn Services Vermogensbeheer B.V. boosted its stake in 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 valued at $179,000 after buying an additional 107 shares during the period. Institutional investors own 88.28% of the company’s stock.
Shares of Avery Dennison Corporation (AVY) opened at 93.92 on Wednesday. The firm’s 50-day moving average is $92.12 and its 200-day moving average is $84.44. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 22.06 and a beta of 1.18. Avery Dennison Corporation has a 12-month low of $68.55 and a 12-month high of $96.70.
Avery Dennison Corporation (NYSE:AVY) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.21 by $0.10. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the business posted $1.09 earnings per share. Avery Dennison Corporation’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities research analysts forecast that Avery Dennison Corporation will post $4.83 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 annualized dividend and a yield of 1.92%. Avery Dennison Corporation’s dividend payout ratio is currently 42.25%.
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Several analysts have recently weighed in on AVY shares. BidaskClub cut shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Zacks Investment Research raised shares of Avery Dennison Corporation from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a research note on Monday, June 5th. Barclays PLC reissued an “overweight” rating and issued a $96.00 price target (up previously from $95.00) on shares of Avery Dennison Corporation in a research note on Monday, May 1st. KeyCorp reissued a “hold” rating on shares of Avery Dennison Corporation in a research note on Wednesday, April 26th. Finally, Citigroup Inc. increased their price target on shares of Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $91.67.
In other Avery Dennison Corporation news, VP Deon Stander sold 5,000 shares of the business’s 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 directly owns 10,998 shares in the company, valued at $929,331. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Patrick Siewert sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $93.63, for a total transaction of $936,300.00. Following the sale, the director now owns 10,519 shares of the company’s stock, valued at $984,893.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,248 shares of company stock valued at $1,890,817. 1.40% of the stock is owned by 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 segments include Label and Graphic Materials (LGM); Retail Branding and Information Solutions (RBIS), and Industrial and Healthcare Materials (IHM).
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