B. Riley Wealth Management Inc. purchased a new position in shares of Avery Dennison Corp (NYSE:AVY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,142 shares of the industrial products company’s stock, valued at approximately $449,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Zions Bancorporation bought a new stake in shares of Avery Dennison during the third quarter worth approximately $108,000. Fort L.P. bought a new stake in shares of Avery Dennison during the second quarter worth approximately $120,000. Veritable L.P. bought a new stake in shares of Avery Dennison during the third quarter worth approximately $205,000. Ronna Sue Cohen bought a new stake in shares of Avery Dennison during the third quarter worth approximately $206,000. Finally, Hilltop Holdings Inc. bought a new stake in shares of Avery Dennison during the third quarter worth approximately $207,000. 83.97% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Avery Dennison from a “sell” rating to a “hold” rating in a research note on Wednesday, November 21st. ValuEngine raised shares of Avery Dennison from a “sell” rating to a “hold” rating in a research note on Wednesday, December 5th. Loop Capital set a $124.00 target price on shares of Avery Dennison and gave the company a “buy” rating in a research note on Thursday, October 11th. Barclays lowered their target price on shares of Avery Dennison from $135.00 to $130.00 and set an “overweight” rating for the company in a research note on Monday, October 29th. Finally, Citigroup lowered their target price on shares of Avery Dennison from $128.00 to $122.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Avery Dennison has an average rating of “Buy” and an average price target of $120.25.
In other news, Director David E. I. Pyott sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $93.00, for a total value of $186,000.00. Following the completion of the transaction, the director now owns 17,293 shares in the company, valued at $1,608,249. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by corporate insiders.
Shares of NYSE:AVY opened at $86.69 on Friday. Avery Dennison Corp has a 52 week low of $85.76 and a 52 week high of $123.67. The company has a quick ratio of 0.71, a current ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 2.12 and a beta of 1.38.
Avery Dennison (NYSE:AVY) last issued its earnings results on Tuesday, October 23rd. The industrial products company reported $1.45 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.02). Avery Dennison had a net margin of 4.36% and a return on equity of 49.86%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same period in the previous year, the company posted $1.26 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts anticipate that Avery Dennison Corp will post 6.04 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 19th. Shareholders of record on Wednesday, December 5th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Tuesday, December 4th. Avery Dennison’s payout ratio is presently 41.60%.
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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. It also offers durable cast and reflective films.
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