Advisor Group Holdings Inc. boosted its stake in Avery Dennison Co. (NYSE:AVY) by 74.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 16,480 shares of the industrial products company’s stock after acquiring an additional 7,054 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Avery Dennison were worth $3,417,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Spire Wealth Management grew its stake in Avery Dennison by 64.0% in the 3rd quarter. Spire Wealth Management now owns 123 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 48 shares during the period. Innovative Portfolios grew its stake in Avery Dennison by 4.0% in the 3rd quarter. Innovative Portfolios now owns 1,401 shares of the industrial products company’s stock valued at $290,000 after acquiring an additional 54 shares during the period. Advisor Partners LLC grew its stake in Avery Dennison by 1.9% in the 2nd quarter. Advisor Partners LLC now owns 3,162 shares of the industrial products company’s stock valued at $665,000 after acquiring an additional 59 shares during the period. CWM Advisors LLC grew its stake in Avery Dennison by 3.1% in the 2nd quarter. CWM Advisors LLC now owns 2,556 shares of the industrial products company’s stock valued at $537,000 after acquiring an additional 78 shares during the period. Finally, Great Diamond Partners LLC grew its stake in Avery Dennison by 0.9% in the 3rd quarter. Great Diamond Partners LLC now owns 8,735 shares of the industrial products company’s stock valued at $1,809,000 after acquiring an additional 79 shares during the period. 87.28% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the company. Raymond James assumed coverage on Avery Dennison in a report on Tuesday, November 23rd. They issued an “outperform” rating and a $240.00 price objective on the stock. UBS Group raised their price objective on Avery Dennison from $232.00 to $234.00 and gave the company a “neutral” rating in a report on Tuesday, January 4th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $229.73.
Avery Dennison (NYSE:AVY) last posted its quarterly earnings results on Tuesday, October 26th. The industrial products company reported $2.14 EPS for the quarter, topping the consensus estimate of $2.04 by $0.10. Avery Dennison had a return on equity of 46.22% and a net margin of 9.12%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2 billion. During the same quarter in the previous year, the firm earned $1.91 EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. Research analysts expect that Avery Dennison Co. will post 8.94 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st were issued a $0.68 dividend. The ex-dividend date of this dividend was Tuesday, November 30th. This represents a $2.72 annualized dividend and a yield of 1.30%. Avery Dennison’s dividend payout ratio (DPR) is currently 30.46%.
In related news, VP Deena Baker-Nel sold 1,400 shares of the business’s stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $217.00, for a total value of $303,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bradley A. Alford sold 6,318 shares of the business’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $225.58, for a total transaction of $1,425,214.44. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.
Avery Dennison Profile
Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the following segments: Label & Graphic Materials, Retail Branding & Information Solutions and Industrial & Healthcare Materials. The Label and Graphic Materials segment manufactures and sells Fasson, JAC, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison and Mactac brand graphics, and Avery Dennison brand reflective products.
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