Mirae Asset Global Investments Co. Ltd. Purchases New Stake in Avery Dennison Corporation $AVY

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Avery Dennison Corporation (NYSE:AVY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,355 shares of the industrial products company’s stock, valued at approximately $3,474,000.

Other large investors have also made changes to their positions in the company. ProShare Advisors LLC boosted its position in Avery Dennison by 8.4% during the third quarter. ProShare Advisors LLC now owns 16,972 shares of the industrial products company’s stock worth $2,897,000 after purchasing an additional 1,321 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Avery Dennison in the third quarter valued at $1,412,000. Moss Adams Wealth Advisors LLC purchased a new position in shares of Avery Dennison in the third quarter valued at $261,000. Modera Wealth Management LLC acquired a new position in shares of Avery Dennison during the 3rd quarter worth $418,000. Finally, State of Wyoming acquired a new position in shares of Avery Dennison during the 3rd quarter worth $481,000. Hedge funds and other institutional investors own 94.17% of the company’s stock.

Avery Dennison Price Performance

Shares of NYSE:AVY traded down $2.89 on Friday, hitting $186.81. The company had a trading volume of 604,340 shares, compared to its average volume of 655,986. The company has a current ratio of 1.16, a quick ratio of 0.80 and a debt-to-equity ratio of 1.33. Avery Dennison Corporation has a 52-week low of $152.42 and a 52-week high of $199.54. The business has a 50 day moving average of $174.92 and a 200 day moving average of $172.32. The company has a market cap of $14.16 billion, a PE ratio of 20.22, a PEG ratio of 2.20 and a beta of 0.77.

Avery Dennison (NYSE:AVY) last posted its quarterly earnings data on Thursday, October 29th. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.10. Avery Dennison had a return on equity of 33.88% and a net margin of 7.56%. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the business posted $2.37 EPS. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Avery Dennison Corporation will post 10.17 earnings per share for the current fiscal year.

Avery Dennison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, December 2nd. Avery Dennison’s dividend payout ratio (DPR) is currently 43.29%.

Insider Transactions at Avery Dennison

In other news, Director Andres Alberto Lopez sold 4,000 shares of Avery Dennison stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $193.80, for a total transaction of $775,200.00. Following the completion of the sale, the director directly owned 1,147 shares in the company, valued at $222,288.60. The trade was a 77.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Nicholas Colisto sold 3,886 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $170.68, for a total transaction of $663,262.48. Following the transaction, the senior vice president directly owned 7,126 shares in the company, valued at $1,216,265.68. The trade was a 35.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.81% of the company’s stock.

Analyst Upgrades and Downgrades

AVY has been the topic of several recent research reports. Bank of America reiterated a “buy” rating on shares of Avery Dennison in a research report on Friday, August 14th. Wall Street Zen cut shares of Avery Dennison from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Weiss Ratings upgraded shares of Avery Dennison from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $181.00 price target on shares of Avery Dennison in a report on Monday, September 28th. Finally, JPMorgan Chase & Co. increased their price target on shares of Avery Dennison from $190.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.10.

Avery Dennison Company Profile

Avery Dennison Corporation (NYSE: AVY) is a global materials science and manufacturing company that develops and produces labeling, packaging, graphic, and functional materials. Its products are used by businesses across industries including consumer goods, retail, logistics, apparel, automotive, healthcare, and industrial manufacturing.

The company’s offerings include pressure-sensitive labels and label materials, adhesives, industrial and specialty tapes, graphic films, and packaging materials.