Avery Dennison Corporation (AVY) Reaches New 12-Month High at $100.65
Shares of Avery Dennison Corporation (NYSE:AVY) reached a new 52-week high during trading on Friday . The stock traded as high as $100.65 and last traded at $100.68, with a volume of 94,315 shares changing hands. The stock had previously closed at $99.89.
AVY has been the topic of several analyst reports. Robert W. Baird reaffirmed a “buy” rating and set a $100.00 price target on shares of Avery Dennison Corporation in a research report on Friday, September 1st. Citigroup Inc. lifted 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 report on Wednesday, July 26th. Bank of America Corporation raised shares of Avery Dennison Corporation from a “neutral” rating to a “buy” rating and lifted their price target for the company from $90.00 to $96.00 in a research report on Tuesday, June 20th. Loop Capital initiated coverage on shares of Avery Dennison Corporation in a research report on Thursday, September 28th. They set a “hold” rating and a $99.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Avery Dennison Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Avery Dennison Corporation has a consensus rating of “Buy” and a consensus price target of $93.14.
The company has a market capitalization of $8.87 billion, a PE ratio of 23.57 and a beta of 1.19. The firm’s 50 day moving average is $96.00 and its 200-day moving average is $88.55.
Avery Dennison Corporation (NYSE:AVY) last posted its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Avery Dennison Corporation had a net margin of 6.14% and a return on equity of 39.29%. Avery Dennison Corporation’s revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 earnings per share. Analysts expect that Avery Dennison Corporation will post $4.83 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Wednesday, September 6th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, September 1st. Avery Dennison Corporation’s dividend payout ratio is presently 42.25%.
In other news, Director David E. I. Pyott sold 298 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $94.00, for a total value of $28,012.00. Following the transaction, the director now owns 16,601 shares of the company’s stock, valued at approximately $1,560,494. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Patrick Siewert sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $93.63, for a total transaction of $936,300.00. Following the completion of the transaction, the director now directly owns 10,519 shares in the company, valued at approximately $984,893.97. 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. Insiders own 1.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Achmea Investment Management B.V. purchased a new position in shares of Avery Dennison Corporation in the 1st quarter valued at $2,696,000. Federated Investors Inc. PA raised its stake in shares of Avery Dennison Corporation by 1,038.8% in the 2nd quarter. Federated Investors Inc. PA now owns 99,245 shares of the industrial products company’s stock valued at $8,770,000 after acquiring an additional 90,530 shares during the period. Laurion Capital Management LP purchased a new position in shares of Avery Dennison Corporation in the 1st quarter valued at $443,000. BlackRock Inc. raised its stake in shares of Avery Dennison Corporation by 3,215.2% in the 1st quarter. BlackRock Inc. now owns 6,908,540 shares of the industrial products company’s stock valued at $556,829,000 after acquiring an additional 6,700,152 shares during the period. Finally, Kings Point Capital Management purchased a new position in shares of Avery Dennison Corporation in the 2nd quarter valued at $2,831,000. 86.65% of the stock is currently owned by institutional investors and hedge funds.
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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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