Texas Permanent School Fund trimmed its holdings in shares of Avery Dennison Corp (NYSE:AVY) by 6.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 16,339 shares of the industrial products company’s stock after selling 1,101 shares during the period. Texas Permanent School Fund’s holdings in Avery Dennison were worth $1,846,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc grew its stake in Avery Dennison by 0.5% in the third quarter. Vanguard Group Inc now owns 9,807,709 shares of the industrial products company’s stock valued at $1,062,666,000 after purchasing an additional 44,059 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Avery Dennison by 55.8% in the third quarter. JPMorgan Chase & Co. now owns 1,810,315 shares of the industrial products company’s stock valued at $196,147,000 after purchasing an additional 648,126 shares in the last quarter. Boston Partners purchased a new position in Avery Dennison in the fourth quarter valued at about $116,916,000. Westfield Capital Management Co. LP grew its stake in Avery Dennison by 10.7% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,022,285 shares of the industrial products company’s stock valued at $91,832,000 after purchasing an additional 98,783 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Avery Dennison by 2.5% in the fourth quarter. Northern Trust Corp now owns 1,005,389 shares of the industrial products company’s stock valued at $90,313,000 after purchasing an additional 24,741 shares in the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Lori J. Bondar sold 8,444 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $109.03, for a total transaction of $920,649.32. Following the completion of the transaction, the vice president now owns 25,872 shares of the company’s stock, valued at approximately $2,820,824.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dean A. Scarborough sold 15,420 shares of the business’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $109.07, for a total value of $1,681,859.40. Following the transaction, the director now directly owns 29,151 shares of the company’s stock, valued at approximately $3,179,499.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 238,328 shares of company stock valued at $25,927,220. 1.30% of the stock is currently owned by corporate insiders.
Avery Dennison (NYSE:AVY) last released its quarterly earnings results on Wednesday, April 24th. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.02. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.77 billion. Avery Dennison had a return on equity of 53.28% and a net margin of 2.74%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.44 EPS. On average, research analysts predict that Avery Dennison Corp will post 6.55 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Tuesday, June 4th. This is an increase from Avery Dennison’s previous quarterly dividend of $0.52. Avery Dennison’s dividend payout ratio is 34.32%.
A number of brokerages have commented on AVY. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Wednesday, April 24th. JPMorgan Chase & Co. downgraded Avery Dennison from a “neutral” rating to an “underweight” rating and set a $105.00 target price on the stock. in a research note on Thursday, April 18th. Zacks Investment Research downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. Loop Capital downgraded Avery Dennison from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. They noted that the move was a valuation call. Finally, BMO Capital Markets upped their price target on Avery Dennison to $114.00 and gave the stock a “market perform” rating in a research note on Monday, February 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $118.44.
Avery Dennison Profile
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.
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