Investment Management Corp of Ontario Sells 4,927 Shares of Avery Dennison Co. (NYSE:AVY)

Investment Management Corp of Ontario reduced its stake in shares of Avery Dennison Co. (NYSE:AVY - Free Report) by 43.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 6,468 shares of the industrial products company's stock after selling 4,927 shares during the period. Investment Management Corp of Ontario's holdings in Avery Dennison were worth $1,428,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Janus Henderson Group PLC grew its stake in shares of Avery Dennison by 3.4% in the third quarter. Janus Henderson Group PLC now owns 9,133 shares of the industrial products company's stock valued at $2,016,000 after buying an additional 300 shares in the last quarter. Hilltop Holdings Inc. bought a new position in shares of Avery Dennison in the third quarter valued at $390,000. Holocene Advisors LP bought a new position in shares of Avery Dennison in the third quarter valued at $8,372,000. Centiva Capital LP grew its stake in shares of Avery Dennison by 73.0% in the third quarter. Centiva Capital LP now owns 4,302 shares of the industrial products company's stock valued at $950,000 after buying an additional 1,816 shares in the last quarter. Finally, Edgestream Partners L.P. grew its stake in shares of Avery Dennison by 63.5% in the third quarter. Edgestream Partners L.P. now owns 8,424 shares of the industrial products company's stock valued at $1,860,000 after buying an additional 3,272 shares in the last quarter. 94.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AVY shares. BMO Capital Markets reduced their price objective on shares of Avery Dennison from $252.00 to $247.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Citigroup reduced their price objective on shares of Avery Dennison from $241.00 to $240.00 and set a "neutral" rating for the company in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. cut shares of Avery Dennison from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $230.00 to $210.00 in a research report on Thursday, October 24th. Barclays dropped their target price on Avery Dennison from $250.00 to $245.00 and set an "overweight" rating for the company in a report on Monday, October 28th. Finally, StockNews.com downgraded Avery Dennison from a "buy" rating to a "hold" rating in a report on Thursday, October 24th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $244.96.

Insider Buying and Selling at Avery Dennison

In other Avery Dennison news, SVP Nicholas Colisto sold 3,679 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $206.00, for a total transaction of $757,874.00. Following the transaction, the senior vice president now directly owns 7,126 shares in the company, valued at approximately $1,467,956. This represents a 34.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.10% of the company's stock.

Avery Dennison Trading Down 0.4 %

Shares of Avery Dennison stock traded down $0.81 on Friday, hitting $202.48. The stock had a trading volume of 594,622 shares, compared to its average volume of 473,829. The stock has a 50 day moving average of $208.28 and a 200 day moving average of $215.37. Avery Dennison Co. has a twelve month low of $190.04 and a twelve month high of $233.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.92. The firm has a market capitalization of $16.27 billion, a P/E ratio of 24.31, a PEG ratio of 1.58 and a beta of 0.87.

Avery Dennison (NYSE:AVY - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.01. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.20 billion. Avery Dennison had a return on equity of 33.01% and a net margin of 7.76%. The firm's revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 earnings per share. Sell-side analysts expect that Avery Dennison Co. will post 9.42 earnings per share for the current fiscal year.

Avery Dennison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis 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%.

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.