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| Shaker Investments LLC OH Trims Holdings in Avery Dennison Co. (NYSE:AVY) |
In the second quarter, Shaker Investments LLC OH strategically reduced its holdings in Avery Dennison Co. (NYSE: AVY - Free Report) by 24.6%, as reported in their recent filing with the SEC. The fund now possesses 3,641 shares of the industrial products company's stock, following the sale of 1,188 shares during this period. The total value of Shaker Investments LLC OH's holdings in Avery Dennison amounted to $626,000 at the close of the reporting period.
Several other hedge funds have also made noteworthy adjustments to their positions within the company. SouthState Corp increased its stake in Avery Dennison by an impressive 130.0% during the first quarter. The company now holds 138 shares of the industrial products company's stock, valued at $25,000, representing an additional 78 shares acquired in the last quarter. Clear Street Markets LLC likewise expanded its position in Avery Dennison by 92.7% during the first quarter, now owning 158 shares valued at $28,000, which includes an acquisition of 76 additional shares in the last quarter. Milestone Investment Advisors LLC entered the picture by purchasing a new position in Avery Dennison during the first quarter, valuing it at $35,000. Eagle Bay Advisors LLC followed suit, acquiring a new position in the second quarter, valued at $33,000. Lastly, ICA Group Wealth Management LLC acquired a new stake in Avery Dennison during the fourth quarter, valued at approximately $44,000. In aggregate, hedge funds and other institutional investors now hold 91.09% of the company's stock.
Avery Dennison Stock Performance
NYSE: AVY saw an increase of $1.01 during midday trading on Friday, reaching $183.80. The stock witnessed a trading volume of 481,942 shares, compared to its average daily volume of 531,565 shares. The company's fifty-day simple moving average stands at $183.03, with a two-hundred day simple moving average of $175.91. Avery Dennison Co. experienced a 12-month low of $157.28 and a 12-month high of $195.95. The company maintains a quick ratio of 0.71, a current ratio of 1.09, and a debt-to-equity ratio of 1.44. Its market capitalization is $14.81 billion, with a price-to-earnings (P/E) ratio of 26.34, a P/E/G ratio of 3.26, and a beta of 0.95.
Avery Dennison's Recent Earnings
Avery Dennison (NYSE: AVY - Get Free Report) recently released its quarterly earnings data on Tuesday, July 25th. The industrial products company reported earnings per share (EPS) of $1.92 for the quarter, falling short of analysts' consensus estimates by $0.13. During the same period, the firm generated revenue of $2.09 billion, slightly below analyst estimates of $2.17 billion. Avery Dennison recorded a net margin of 6.66% and a return on equity of 31.13%. In comparison to the previous year, the company's revenue for the quarter decreased by 10.9%. For the current year, equities analysts anticipate that Avery Dennison Co. will post earnings per share (EPS) of 8.03.
Avery Dennison Announces Dividend
The company also recently declared a quarterly dividend, which was distributed on Wednesday, September 20th. Shareholders of record as of Wednesday, September 6th received a dividend of $0.81 per share. This equates to an annualized dividend of $3.24 and a yield of 1.76%. The ex-dividend date for this dividend was Tuesday, September 5th. Avery Dennison maintains a payout ratio of 46.69%.
Analyst Upgrades and Downgrades
Avery Dennison (AVY) has been the focus of numerous research analyst reports. Argus lowered their target price on Avery Dennison from $220.00 to $200.00 but maintained a "buy" rating for the company in a research report on Wednesday, July 26th. UBS Group upgraded Avery Dennison from a "neutral" rating to a "buy" rating and raised their target price from $184.00 to $220.00 in a research report on Wednesday, August 23rd. Citigroup increased their price target on Avery Dennison from $200.00 to $205.00 in a research report on Wednesday, July 26th. Bank of America reduced their price target from $207.00 to $189.00 in a research report on Monday, July 10th. Finally, BMO Capital Markets raised their price target on Avery Dennison from $200.00 to $211.00 and issued an "outperform" rating in a research report on Monday, September 25th. According to MarketBeat data, Avery Dennison currently holds a consensus rating of "Moderate Buy," with a consensus target price of $207.67.
Avery Dennison's Insiders
In recent news, SVP Ignacio J. Walker sold 403 shares of the stock on Tuesday, September 12th. These shares were sold at an average price of $180.33, totaling $72,672.99. Following this transaction, the senior vice president now holds 11,102 shares in the company, valued at $2,002,023.66. This sale was disclosed in a document filed with the Securities & Exchange Commission, accessible through this hyperlink. Additionally, insider Francisco Melo sold 4,800 shares of the company's stock on Tuesday, August 1st, at an average price of $186.00, resulting in a total transaction value of $892,800.00. Following the sale, the insider holds 16,905 shares in the company, valued at $3,144,330. Details of this sale can be found here. Over the past quarter, insiders have sold a total of 10,836 shares of company stock, amounting to $2,014,000. Corporate insiders now hold 1.10% of the stock.
Avery Dennison's Profile
Avery Dennison Corporation functions as a materials science and digital identification solutions company. The company specializes in providing branding and information labeling solutions, encompassing pressure-sensitive materials, radio-frequency identification (RFID) inlays and tags, and various converted products and solutions. Avery Dennison designs and manufactures a wide range of labeling and functional materials, enhancing branded packaging, conveying digital information, and improving product performance for customers.
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