NN Investment Partners Holdings N.V. Reduces Holdings in Avery Dennison Corp (NYSE:AVY)

NN Investment Partners Holdings N.V. trimmed its stake in Avery Dennison Corp (NYSE:AVY) by 21.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,835 shares of the industrial products company’s stock after selling 6,695 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Avery Dennison were worth $2,872,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Horizon Investments LLC purchased a new position in Avery Dennison during the 1st quarter worth $271,000. Fenimore Asset Management Inc. lifted its stake in shares of Avery Dennison by 7.1% in the 1st quarter. Fenimore Asset Management Inc. now owns 576,491 shares of the industrial products company’s stock worth $65,143,000 after acquiring an additional 38,207 shares during the period. Xact Kapitalforvaltning AB lifted its stake in shares of Avery Dennison by 9.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 17,022 shares of the industrial products company’s stock worth $1,923,000 after acquiring an additional 1,526 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Avery Dennison by 6.9% in the 1st quarter. New York State Common Retirement Fund now owns 213,000 shares of the industrial products company’s stock worth $24,069,000 after acquiring an additional 13,685 shares during the period. Finally, Nissay Asset Management Corp Japan ADV lifted its stake in shares of Avery Dennison by 2.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 7,727 shares of the industrial products company’s stock worth $873,000 after acquiring an additional 198 shares during the period. 87.59% of the stock is currently owned by hedge funds and other institutional investors.

Shares of AVY stock traded down $1.42 during mid-day trading on Friday, hitting $109.60. The stock had a trading volume of 90,967 shares, compared to its average volume of 506,110. Avery Dennison Corp has a fifty-two week low of $82.89 and a fifty-two week high of $120.65. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.14 and a beta of 1.35. The company has a current ratio of 1.04, a quick ratio of 0.75 and a debt-to-equity ratio of 1.41. The company has a 50-day simple moving average of $114.58.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings data on Tuesday, July 23rd. The industrial products company reported $1.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.68 by $0.04. Avery Dennison had a net margin of 3.44% and a return on equity of 52.67%. The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the business earned $1.66 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Research analysts expect that Avery Dennison Corp will post 6.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Tuesday, September 3rd. Avery Dennison’s dividend payout ratio (DPR) is 38.28%.

In related news, insider Georges Gravanis sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $116.88, for a total value of $292,200.00. Following the completion of the sale, the insider now owns 13,637 shares in the company, valued at $1,593,892.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Lori J. Bondar sold 2,725 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $113.27, for a total transaction of $308,660.75. Following the completion of the sale, the vice president now owns 18,041 shares of the company’s stock, valued at approximately $2,043,504.07. The disclosure for this sale can be found here. Insiders sold 75,252 shares of company stock valued at $8,721,924 in the last quarter. Company insiders own 1.30% of the company’s stock.

AVY has been the subject of several recent analyst reports. Citigroup raised their target price on shares of Avery Dennison from $130.00 to $132.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Zacks Investment Research cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. KeyCorp restated a “hold” rating on shares of Avery Dennison in a research note on Wednesday, April 24th. JPMorgan Chase & Co. raised their target price on shares of Avery Dennison from $105.00 to $111.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Finally, Bank of America cut shares of Avery Dennison from a “buy” rating to a “neutral” rating and set a $115.06 target price for the company. in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $120.13.

About Avery Dennison

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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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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