Zurich Insurance Group Ltd FI Boosts Position in Avery Dennison Corporation (AVY)
Zurich Insurance Group Ltd FI increased its position in Avery Dennison Corporation (NYSE:AVY) by 23.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,257 shares of the industrial products company’s stock after purchasing an additional 6,187 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Avery Dennison Corporation were worth $2,851,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. American Beacon Advisors Inc. acquired a new position in Avery Dennison Corporation in the first quarter worth about $105,000. Van ECK Associates Corp grew 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 worth $107,000 after purchasing an additional 94 shares in the last quarter. Acrospire Investment Management LLC acquired a new position in Avery Dennison Corporation in the second quarter worth about $129,000. Captrust Financial Advisors acquired a new position in Avery Dennison Corporation in the second quarter worth about $130,000. Finally, Pacad Investment Ltd. acquired a new position in Avery Dennison Corporation in the second quarter worth about $141,000. Institutional investors and hedge funds own 86.65% of the company’s stock.
In related news, Director David E. I. Pyott sold 2,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $94.00, for a total value of $188,000.00. Following the sale, the director now owns 16,601 shares of the company’s stock, valued at $1,560,494. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David E. I. Pyott sold 298 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $94.00, for a total transaction of $28,012.00. Following the completion of the sale, the director now directly owns 16,601 shares in the company, valued at approximately $1,560,494. The disclosure for this sale can be found here. In the last three months, insiders sold 12,298 shares of company stock worth $1,152,312. 1.40% of the stock is currently owned by insiders.
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A number of research firms recently commented on AVY. BidaskClub downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. Zacks Investment Research downgraded Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Citigroup Inc. lifted their target price on Avery Dennison Corporation from $106.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Bank of America Corporation upgraded Avery Dennison Corporation from a “neutral” rating to a “buy” rating and lifted their target price for the company from $90.00 to $96.00 in a research note on Tuesday, June 20th. Finally, Loop Capital assumed coverage on Avery Dennison Corporation in a research note on Thursday, September 28th. They issued a “hold” rating and a $99.00 target price for the company. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Avery Dennison Corporation presently has an average rating of “Buy” and an average target price of $93.14.
Avery Dennison Corporation (NYSE AVY) opened at 99.55 on Thursday. The firm has a 50-day moving average price of $95.85 and a 200-day moving average price of $88.47. The firm has a market capitalization of $8.80 billion, a P/E ratio of 23.39 and a beta of 1.19. Avery Dennison Corporation has a 52 week low of $68.55 and a 52 week high of $100.10.
Avery Dennison Corporation (NYSE:AVY) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 earnings per share. Equities analysts forecast that Avery Dennison Corporation will post $4.83 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, September 1st. This represents a $1.80 dividend on an annualized basis and a yield of 1.81%. Avery Dennison Corporation’s payout ratio is currently 42.25%.
Avery Dennison Corporation 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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