Hennessy Advisors Inc. cut its position in shares of Avery Dennison Corp. (NYSE:AVY) by 12.2% during the third quarter, Holdings Channel reports. The firm owned 554,400 shares of the company’s stock after selling 76,900 shares during the period. Avery Dennison Corp. makes up approximately 1.2% of Hennessy Advisors Inc.’s holdings, making the stock its 18th largest position. Hennessy Advisors Inc.’s holdings in Avery Dennison Corp. were worth $43,127,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in AVY. Springbok Capital Management LLC acquired a new stake in shares of Avery Dennison Corp. during the first quarter worth about $136,000. Financial Architects Inc acquired a new stake in shares of Avery Dennison Corp. during the second quarter worth about $169,000. Whittier Trust Co. boosted 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 period. Creative Planning boosted 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 period. Finally, Veritable L.P. acquired a new stake in shares of Avery Dennison Corp. during the second quarter worth about $206,000. 87.31% of the stock is owned by institutional investors.
Avery Dennison Corp. (NYSE:AVY) traded up 1.150% during midday trading on Monday, hitting $72.535. 395,045 shares of the stock traded hands. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 21.025 and a beta of 1.07. Avery Dennison Corp. has a 52-week low of $57.06 and a 52-week high of $79.27. The firm’s 50-day moving average is $72.65 and its 200-day moving average is $75.13.
Avery Dennison Corp. (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Avery Dennison Corp. had a return on equity of 35.98% and a net margin of 5.27%. The company earned $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts predict that Avery Dennison Corp. will post $3.97 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 21st. Shareholders of record on Wednesday, December 7th will be given a $0.41 dividend. The ex-dividend date is Monday, December 5th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.29%. Avery Dennison Corp.’s dividend payout ratio is currently 47.40%.
Several brokerages have weighed in on AVY. Aegis began coverage on shares of Avery Dennison Corp. in a research report on Monday, November 21st. They set a “hold” rating and a $75.00 price target for the company. JPMorgan Chase & Co. raised shares of Avery Dennison Corp. from a “neutral” rating to an “overweight” rating and set a $78.00 price target for the company in a research report on Thursday, October 27th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Avery Dennison Corp. from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research report on Wednesday, September 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $79.00.
In related news, VP Lori J. Bondar purchased 2,000 shares of Avery Dennison Corp. stock in a transaction on Tuesday, November 1st. The stock was bought at an average price of $69.72 per share, with a total value of $139,440.00. Following the completion of the transaction, the vice president now directly owns 3,874 shares of the company’s stock, valued at $270,095.28. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 2.70% of the stock is owned by company insiders.
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.