First Citizens Bank & Trust Co. cut its position in shares of Avery Dennison Corp. (NYSE:AVY) by 13.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 78,729 shares of the company’s stock after selling 12,696 shares during the period. First Citizens Bank & Trust Co.’s holdings in Avery Dennison Corp. were worth $5,885,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in AVY. Springbok Capital Management LLC purchased a new stake in shares of Avery Dennison Corp. during the first quarter worth about $136,000. Financial Architects Inc purchased a new stake in shares of Avery Dennison Corp. during the second quarter worth about $169,000. Whittier Trust Co. raised its stake in shares of Avery Dennison Corp. by 21.5% in the second quarter. Whittier Trust Co. now owns 2,357 shares of the company’s stock worth $176,000 after buying an additional 417 shares during the last quarter. Creative Planning raised its stake in shares of Avery Dennison Corp. by 62.0% in the second quarter. Creative Planning now owns 2,578 shares of the company’s stock worth $193,000 after buying an additional 987 shares during the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Avery Dennison Corp. by 64.9% in the first quarter. IFP Advisors Inc now owns 2,995 shares of the company’s stock worth $216,000 after buying an additional 1,179 shares during the last quarter. Hedge funds and other institutional investors own 89.50% of the company’s stock.
Avery Dennison Corp. (NYSE:AVY) traded down 0.97% during mid-day trading on Friday, reaching $76.45. The company’s stock had a trading volume of 397,578 shares. The company’s 50-day moving average price is $77.30 and its 200 day moving average price is $75.16. Avery Dennison Corp. has a 52 week low of $57.06 and a 52 week high of $79.27. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 22.79 and a beta of 0.92.
Avery Dennison Corp. (NYSE:AVY) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.08. The business earned $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Avery Dennison Corp. had a net margin of 5.18% and a return on equity of 34.82%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 EPS. On average, equities analysts forecast that Avery Dennison Corp. will post $3.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were issued a dividend of $0.41 per share. The ex-dividend date was Friday, September 2nd. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.12%. Avery Dennison Corp.’s dividend payout ratio is currently 48.81%.
A number of brokerages recently issued reports on AVY. Zacks Investment Research upgraded Avery Dennison Corp. from a “sell” rating to a “hold” rating and set a $88.00 price target for the company in a report on Thursday, July 28th. JPMorgan Chase & Co. boosted their price target on Avery Dennison Corp. from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, July 27th. Finally, Bank of America Corp. lowered Avery Dennison Corp. from a “buy” rating to an “underperform” rating and set a $75.00 price target for the company. in a report on Friday, July 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $78.00.
In related news, VP Anne Hill sold 11,567 shares of Avery Dennison Corp. stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $78.10, for a total value of $903,382.70. Following the completion of the sale, the vice president now owns 36,280 shares in the company, valued at approximately $2,833,468. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Susan C. Miller sold 2,000 shares of Avery Dennison Corp. stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $77.94, for a total transaction of $155,880.00. Following the completion of the sale, the vice president now owns 8,518 shares of the company’s stock, valued at approximately $663,892.92. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
About Avery Dennison Corp.
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 pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing, printing, stamping and die-cutting.