Avery Dennison Co. (NYSE:AVY – Get Rating) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 617,700 shares, a drop of 18.4% from the August 15th total of 757,400 shares. Based on an average daily volume of 448,000 shares, the short-interest ratio is currently 1.4 days. Approximately 0.8% of the company’s shares are short sold.
Analyst Ratings Changes
A number of equities research analysts have issued reports on AVY shares. UBS Group decreased their target price on shares of Avery Dennison from $195.00 to $180.00 in a research note on Wednesday, July 13th. StockNews.com raised shares of Avery Dennison from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $205.57.
Avery Dennison Stock Down 3.3 %
Shares of Avery Dennison stock traded down $5.99 during midday trading on Friday, reaching $173.37. 957,317 shares of the company’s stock traded hands, compared to its average volume of 349,973. The company has a market cap of $14.09 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 2.58 and a beta of 0.97. The company’s 50 day simple moving average is $185.74 and its 200 day simple moving average is $175.35. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.65 and a current ratio of 0.98. Avery Dennison has a 52 week low of $151.62 and a 52 week high of $229.24.
Avery Dennison (NYSE:AVY – Get Rating) last released its quarterly earnings results on Wednesday, July 27th. The industrial products company reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.27. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. Avery Dennison had a net margin of 8.48% and a return on equity of 40.75%. Avery Dennison’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.25 EPS. Equities analysts expect that Avery Dennison will post 9.93 earnings per share for the current fiscal year.
Avery Dennison Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Investors of record on Wednesday, September 7th will be issued a $0.75 dividend. The ex-dividend date is Tuesday, September 6th. This represents a $3.00 annualized dividend and a yield of 1.73%. Avery Dennison’s dividend payout ratio (DPR) is presently 32.79%.
Insider Buying and Selling
In related news, Director Anthony Anderson sold 2,800 shares of the firm’s stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $178.82, for a total value of $500,696.00. Following the completion of the transaction, the director now owns 1,374 shares of the company’s stock, valued at approximately $245,698.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of AVY. HighTower Advisors LLC raised its holdings in Avery Dennison by 0.8% in the 4th quarter. HighTower Advisors LLC now owns 12,139 shares of the industrial products company’s stock worth $2,631,000 after acquiring an additional 95 shares during the period. Pictet Asset Management SA increased its holdings in shares of Avery Dennison by 0.9% during the 4th quarter. Pictet Asset Management SA now owns 34,108 shares of the industrial products company’s stock worth $7,387,000 after purchasing an additional 300 shares during the period. Great Valley Advisor Group Inc. bought a new position in shares of Avery Dennison during the 4th quarter worth about $290,000. Bank of Montreal Can increased its holdings in shares of Avery Dennison by 21.5% during the 4th quarter. Bank of Montreal Can now owns 133,847 shares of the industrial products company’s stock worth $29,295,000 after purchasing an additional 23,723 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in shares of Avery Dennison by 131.2% during the 4th quarter. Allianz Asset Management GmbH now owns 266,681 shares of the industrial products company’s stock worth $57,755,000 after purchasing an additional 151,324 shares during the period. Institutional investors own 90.21% of the company’s stock.
Avery Dennison Company Profile
Avery Dennison Corporation manufactures and markets pressure-sensitive materials and products in the United States, Europe, Asia, Latin America, and internationally. 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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