Verition Fund Management LLC Has $1.66 Million Stake in Avery Dennison Co. (NYSE:AVY)

Verition Fund Management LLC decreased its position in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 79.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,522 shares of the industrial products company's stock after selling 28,724 shares during the quarter. Verition Fund Management LLC's holdings in Avery Dennison were worth $1,661,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Avery Dennison in the second quarter valued at approximately $28,000. Larson Financial Group LLC raised its holdings in Avery Dennison by 100.0% in the 3rd quarter. Larson Financial Group LLC now owns 142 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 71 shares during the last quarter. Kennebec Savings Bank purchased a new position in shares of Avery Dennison during the 3rd quarter worth $36,000. Peterson Financial Group Inc. purchased a new stake in shares of Avery Dennison in the third quarter valued at $39,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Avery Dennison in the second quarter valued at $42,000. 94.17% of the stock is owned by hedge funds and other institutional investors.

Avery Dennison Price Performance

AVY stock traded down $0.79 during trading on Friday, hitting $202.50. The company had a trading volume of 594,624 shares, compared to its average volume of 500,643. The business has a 50 day moving average of $208.28 and a 200 day moving average of $215.28. The firm has a market capitalization of $16.27 billion, a price-to-earnings ratio of 24.31, a P/E/G ratio of 1.57 and a beta of 0.87. The company has a current ratio of 0.92, a quick ratio of 0.62 and a debt-to-equity ratio of 0.85. Avery Dennison Co. has a fifty-two week low of $190.04 and a fifty-two week high of $233.48.

Avery Dennison (NYSE:AVY - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.32 by $0.01. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.20 billion. During the same quarter in the previous year, the company earned $2.10 earnings per share. The firm's quarterly revenue was up 4.1% compared to the same quarter last year. As a group, research analysts predict that Avery Dennison Co. will post 9.42 earnings per share for the current year.

Avery Dennison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Wednesday, December 4th. Avery Dennison's dividend payout ratio is presently 42.26%.

Insider Buying and Selling

In other news, SVP Nicholas Colisto sold 3,679 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $206.00, for a total transaction of $757,874.00. Following the sale, the senior vice president now owns 7,126 shares in the company, valued at $1,467,956. The trade was a 34.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Citigroup cut their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating on the stock in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered Avery Dennison from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. StockNews.com downgraded Avery Dennison from a "buy" rating to a "hold" rating in a research report on Thursday, October 24th. Barclays cut their price objective on Avery Dennison from $250.00 to $245.00 and set an "overweight" rating on the stock in a report on Monday, October 28th. Finally, Bank of America upgraded Avery Dennison from an "underperform" rating to a "buy" rating and boosted their target price for the stock from $207.00 to $250.00 in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Avery Dennison has a consensus rating of "Moderate Buy" and an average target price of $244.96.

Avery Dennison Company Profile

Avery Dennison Corporation operates as a materials science and digital identification solutions company in the United States, Europe, the Middle East, North Africa, Asia, Latin, America, and internationally. It provides pressure-sensitive materials comprising papers, plastic films, metal foils, and fabrics; performance tapes products, including tapes for wire harnessing, as well as cable wrapping for automotive, electrical, and general industrial applications; mechanical fasteners, which are precision-extruded and injection-molded plastic devices used in various automotive, general industrial, and retail applications; and other pressure-sensitive adhesive-based materials and converted products under the Fasson, JAC, Yongle, and Avery Dennison brands.