Fruth Investment Management Lowers Stake in Avery Dennison Co. (NYSE:AVY)


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Fruth Investment Management lowered its stake in shares of Avery Dennison Co. (NYSE:AVY) by 11.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,250 shares of the industrial products company’s stock after selling 300 shares during the period. Fruth Investment Management’s holdings in Avery Dennison were worth $348,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Avery Dennison by 8.3% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 14,455 shares of the industrial products company’s stock valued at $1,848,000 after buying an additional 1,107 shares in the last quarter. Private Trust Co. NA raised its position in shares of Avery Dennison by 4.3% during the 4th quarter. Private Trust Co. NA now owns 11,180 shares of the industrial products company’s stock valued at $1,734,000 after buying an additional 461 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Avery Dennison by 11.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 145,575 shares of the industrial products company’s stock valued at $16,146,000 after buying an additional 14,714 shares in the last quarter. Standard Life Aberdeen plc raised its position in shares of Avery Dennison by 10.8% during the 3rd quarter. Standard Life Aberdeen plc now owns 77,795 shares of the industrial products company’s stock valued at $9,946,000 after buying an additional 7,595 shares in the last quarter. Finally, IBM Retirement Fund raised its position in shares of Avery Dennison by 39.0% during the 3rd quarter. IBM Retirement Fund now owns 2,704 shares of the industrial products company’s stock valued at $346,000 after buying an additional 759 shares in the last quarter. Hedge funds and other institutional investors own 89.04% of the company’s stock.

Several analysts have recently weighed in on the stock. Smith Barney Citigroup reiterated a “buy” rating on shares of Avery Dennison in a research report on Thursday, January 7th. Morgan Stanley increased their target price on shares of Avery Dennison from $146.00 to $160.00 and gave the company an “equal weight” rating in a report on Tuesday. S&P Equity Research raised shares of Avery Dennison from a “neutral” rating to a “buy” rating and increased their target price for the company from $149.00 to $181.00 in a report on Thursday, January 7th. Zacks Investment Research lowered shares of Avery Dennison from a “buy” rating to a “hold” rating and set a $161.00 target price on the stock. in a report on Thursday, December 24th. Finally, JPMorgan Chase & Co. lowered shares of Avery Dennison from a “neutral” rating to an “underweight” rating and increased their target price for the company from $128.00 to $130.00 in a report on Thursday, October 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company’s stock. Avery Dennison presently has a consensus rating of “Buy” and a consensus price target of $157.15.

Shares of Avery Dennison stock opened at $162.93 on Thursday. The firm has a market cap of $13.59 billion, a PE ratio of 26.03, a price-to-earnings-growth ratio of 3.21 and a beta of 0.95. Avery Dennison Co. has a 12-month low of $76.96 and a 12-month high of $164.11. The company has a quick ratio of 0.94, a current ratio of 1.31 and a debt-to-equity ratio of 1.51. The company’s fifty day simple moving average is $153.52 and its two-hundred day simple moving average is $132.65.

Avery Dennison (NYSE:AVY) last announced its quarterly earnings results on Wednesday, October 21st. The industrial products company reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.41. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.67 billion. Avery Dennison had a net margin of 7.80% and a return on equity of 44.88%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.66 EPS. As a group, sell-side analysts expect that Avery Dennison Co. will post 6.92 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Tuesday, December 1st. This is a positive change from Avery Dennison’s previous quarterly dividend of $0.58. Avery Dennison’s dividend payout ratio (DPR) is 37.58%.

In other news, VP Anne Hill sold 11,427 shares of Avery Dennison stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $141.53, for a total transaction of $1,617,263.31. Following the sale, the vice president now owns 17,649 shares of the company’s stock, valued at approximately $2,497,862.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter K. Barker sold 10,982 shares of Avery Dennison stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $142.60, for a total transaction of $1,566,033.20. Following the sale, the director now directly owns 37,478 shares in the company, valued at approximately $5,344,362.80. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Avery Dennison Company Profile

Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films.

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Institutional Ownership by Quarter for Avery Dennison (NYSE:AVY)

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