JPMorgan Chase & Co. Trims Position in Avery Dennison Corporation (AVY)
JPMorgan Chase & Co. decreased its position in shares of Avery Dennison Corporation (NYSE:AVY) by 2.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 572,642 shares of the industrial products company’s stock after selling 12,862 shares during the period. JPMorgan Chase & Co. owned 0.65% of Avery Dennison worth $57,224,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC acquired a new stake in shares of Avery Dennison in the second quarter worth about $129,000. Captrust Financial Advisors acquired a new stake in shares of Avery Dennison in the second quarter worth about $130,000. Pacad Investment Ltd. acquired a new stake in shares of Avery Dennison in the second quarter worth about $141,000. Conning Inc. acquired a new stake in shares of Avery Dennison in the third quarter worth about $200,000. Finally, Davidson & Garrard Inc. acquired a new stake in shares of Avery Dennison in the third quarter worth about $202,000. 85.28% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Dean A. Scarborough sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $105.00, for a total value of $2,100,000.00. Following the sale, the insider now directly owns 94,042 shares in the company, valued at approximately $9,874,410. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Dean A. Scarborough sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $104.54, for a total value of $1,045,400.00. Following the completion of the sale, the chairman now owns 94,042 shares in the company, valued at $9,831,150.68. The disclosure for this sale can be found here. Insiders have sold 152,604 shares of company stock worth $16,245,751 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.
AVY has been the topic of a number of recent analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $100.00 price objective on shares of Avery Dennison in a research note on Friday, September 1st. Loop Capital initiated coverage on Avery Dennison in a research note on Thursday, September 28th. They issued a “hold” rating and a $99.00 price objective on the stock. Zacks Investment Research upgraded Avery Dennison from a “hold” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Tuesday, November 7th. Barclays lifted their price objective on Avery Dennison from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. Finally, J P Morgan Chase & Co lowered Avery Dennison from an “overweight” rating to a “neutral” rating in a research note on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Avery Dennison presently has an average rating of “Buy” and a consensus price target of $110.83.
Avery Dennison Corporation (AVY) opened at $112.35 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.13 and a quick ratio of 0.82. The company has a market capitalization of $9,816.94, a PE ratio of 23.88, a PEG ratio of 3.23 and a beta of 1.24. Avery Dennison Corporation has a 12 month low of $69.53 and a 12 month high of $114.79.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.05. Avery Dennison had a return on equity of 40.52% and a net margin of 6.27%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. research analysts predict that Avery Dennison Corporation will post 4.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, December 6th will be paid a dividend of $0.45 per share. The ex-dividend date is Tuesday, December 5th. This represents a $1.80 annualized dividend and a yield of 1.60%. Avery Dennison’s dividend payout ratio is 40.18%.
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About Avery Dennison
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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