Scopus Asset Management L.P. trimmed its position in Avery Dennison Co. (NYSE:AVY) by 44.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,022 shares of the industrial products company’s stock after selling 80,948 shares during the quarter. Scopus Asset Management L.P. owned 0.12% of Avery Dennison worth $18,920,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in AVY. Stonebridge Capital Advisors LLC bought a new position in Avery Dennison in the first quarter valued at approximately $25,000. E Fund Management Co. Ltd. bought a new stake in shares of Avery Dennison in the first quarter worth $27,000. Wealthcare Advisory Partners LLC bought a new stake in shares of Avery Dennison in the first quarter worth $29,000. Vantage Consulting Group Inc bought a new stake in shares of Avery Dennison in the fourth quarter worth $31,000. Finally, NuWave Investment Management LLC acquired a new position in Avery Dennison in the first quarter valued at $34,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.
In other Avery Dennison news, CFO Gregory Lovins sold 1,004 shares of the company’s stock in a transaction dated Tuesday, June 15th. The shares were sold at an average price of $215.20, for a total value of $216,060.80. Following the completion of the sale, the chief financial officer now directly owns 38,065 shares of the company’s stock, valued at approximately $8,191,588. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.
Avery Dennison (NYSE:AVY) last posted its earnings results on Tuesday, April 27th. The industrial products company reported $2.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.01 by $0.39. Avery Dennison had a net margin of 8.65% and a return on equity of 46.93%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.92 billion. During the same quarter in the prior year, the business posted $1.66 EPS. The firm’s revenue was up 19.1% compared to the same quarter last year. Equities research analysts forecast that Avery Dennison Co. will post 8.76 EPS for the current fiscal year.
AVY has been the topic of several recent analyst reports. boosted their target price on shares of Avery Dennison from $219.00 to $243.00 and gave the company a “buy” rating in a report on Thursday, April 29th. JPMorgan Chase & Co. upgraded shares of Avery Dennison from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $155.00 to $215.00 in a report on Thursday, April 29th. Loop Capital upped their price objective on shares of Avery Dennison from $210.00 to $215.00 and gave the company a “buy” rating in a report on Friday, April 16th. Citigroup upped their price objective on shares of Avery Dennison from $219.00 to $243.00 in a report on Thursday, April 29th. Finally, Robert W. Baird upped their price objective on shares of Avery Dennison from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, April 29th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $222.45.
About Avery Dennison
Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. It operates through the following segments: Label & Graphic Materials, Retail Branding & Information Solutions and Industrial & Healthcare Materials. The Label and Graphic Materials segment manufactures and sells Fasson, JAC, and Avery Dennison-brand pressure-sensitive label and packaging materials, Avery Dennison and Mactac brand graphics, and Avery Dennison brand reflective products.
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