Legg Mason Asset Management (japan) Ltd. Lowers stake in Avery Dennison Corp (AVY)

Avery Dennison Corp (AVY) : Legg Mason Asset Management (japan) Ltd. reduced its stake in Avery Dennison Corp by 2.69% during the most recent quarter end. The investment management company now holds a total of 21,700 shares of Avery Dennison Corp which is valued at $1,696,723 after selling 600 shares in Avery Dennison Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Avery Dennison Corp makes up approximately 1.72% of Legg Mason Asset Management (japan) Ltd.’s portfolio.

Other Hedge Funds, Including , Amp Capital Investors Ltd reduced its stake in AVY by selling 33,832 shares or 31.01% in the most recent quarter. The Hedge Fund company now holds 75,269 shares of AVY which is valued at $5,885,283. Avery Dennison Corp makes up approx 0.04% of Amp Capital Investors Ltd’s portfolio.Lord Abbett boosted its stake in AVY in the latest quarter, The investment management firm added 183,995 additional shares and now holds a total of 514,515 shares of Avery Dennison Corp which is valued at $40,229,928. Avery Dennison Corp makes up approx 0.12% of Lord Abbett’s portfolio.Fmr reduced its stake in AVY by selling 22,717 shares or 2.36% in the most recent quarter. The Hedge Fund company now holds 940,073 shares of AVY which is valued at $73,504,308. Avery Dennison Corp makes up approx 0.01% of Fmr’s portfolio.

Avery Dennison Corp closed down -0.1 points or -0.13% at $77.34 with 4,84,325 shares getting traded on Thursday. Post opening the session at $77.56, the shares hit an intraday low of $76.81 and an intraday high of $77.92 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Avery Dennison Corp reported $1.09 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $1.01. The company had revenue of $1541.50 million for the quarter, compared to analysts expectations of $1539.48 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS.

Many Wall Street Analysts have commented on Avery Dennison Corp. Avery Dennison Corp was Downgraded by BofA/Merrill to ” Underperform” on Jul 1, 2016. Avery Dennison Corp was Downgraded by JP Morgan to ” Neutral” on May 20, 2016.

Avery Dennison Corporation is engaged in the production of pressure-sensitive materials and a variety of tickets tags labels and other converted products. The Company’s pressure-sensitive materials are sold to label printers and converters that convert the materials into labels and other products through embossing printing stamping and die-cutting. It also sells pressure-sensitive materials in converted form as tapes and reflective sheeting. The Company also manufactures and sells a variety of other converted products and items not involving pressure-sensitive components such as fasteners tickets tags radio-frequency identification (RFID) inlays and tags and imprinting equipment and related services which it markets to retailers and apparel manufacturers and brand owners. The Company’s operational segments include Pressure-sensitive Materials (PSM) Retail Branding and Information Solutions (RBIS) and Vancive Medical Technologies (Vancive).

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