Short Interest Don’t Lie: Time to Reconsider Avery Dennison Corporation (NYSE:AVY) After More Short Sellers?

November 25, 2016 - By Peter Erickson   ·   0 Comments

Short Interest Don't Lie: Time to Reconsider Avery Dennison Corporation (NYSE:AVY) After More Short Sellers?

The stock of Avery Dennison Corporation (NYSE:AVY) registered an increase of 0.64% in short interest. AVY’s total short interest was 3.79 million shares in November as published by FINRA. Its up 0.64% from 3.77M shares, reported previously. With 974,800 shares average volume, it will take short sellers 4 days to cover their AVY’s short positions. The short interest to Avery Dennison Corporation’s float is 4.29%. The stock decreased 0.64% or $0.46 on November 23, hitting $71.22. Avery Dennison Corp (NYSE:AVY) has declined 3.13% since April 22, 2016 and is downtrending. It has underperformed by 8.54% the S&P500.

Avery Dennison Corporation is engaged in the production of pressure-sensitive materials and a range of tickets, tags, labels and other converted products. The company has a market cap of $6.30 billion. 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 has a 20.6 P/E ratio. The Company’s operational divisions include Pressure-sensitive Materials (PSM), Retail Branding and Information Solutions (RBIS), and Vancive Medical Technologies (Vancive).

Insitutional Activity: The institutional sentiment increased to 0.96 in 2016 Q2. Its up 0.10, from 0.86 in 2016Q1. The ratio is positive, as 38 funds sold all Avery Dennison Corp shares owned while 178 reduced positions. 48 funds bought stakes while 137 increased positions. They now own 74.71 million shares or 10.44% less from 83.42 million shares in 2016Q1.
Moreover, Blackrock Gru Ltd has 0.03% invested in Avery Dennison Corp (NYSE:AVY) for 854,769 shares. Westpac accumulated 0% or 125,417 shares. Cubist Systematic Strategies Ltd Llc reported 19,890 shares or 0.09% of all its holdings. Howland Capital Lc has 0.09% invested in the company for 13,090 shares. Ahl Ptnrs Llp accumulated 34,583 shares or 0.14% of the stock. Pnc Financial Svcs Gp owns 28,865 shares or 0% of their US portfolio. Citigroup last reported 127,547 shares in the company. Moreover, Rothschild Corp Il has 0.05% invested in Avery Dennison Corp (NYSE:AVY) for 4,900 shares. Moreover, Toronto Dominion State Bank has 0% invested in Avery Dennison Corp (NYSE:AVY) for 492 shares. Korea, a Korea-based fund reported 210,900 shares. Hightower Advsrs Limited Company accumulated 25,232 shares or 0.02% of the stock. Putnam Invs Ltd Liability Com accumulated 0.02% or 109,974 shares. Moreover, Everence Capital Mngmt has 0.19% invested in Avery Dennison Corp (NYSE:AVY) for 8,298 shares. State Treasurer State Of Michigan has 30,950 shares for 0.02% of their US portfolio. Lyons Wealth Mgmt Limited Liability Com has 10,692 shares for 1.21% of their US portfolio.

Insider Transactions: Since June 1, 2016, the stock had 1 buying transaction, and 17 selling transactions for $40.95 million net activity. GRAVANIS GEORGES sold 39,117 shares worth $3.04M. The insider Bondar Lori J bought 2,000 shares worth $139,440. 2,000 shares with value of $147,640 were sold by Miller Susan C on Wednesday, June 1. SCARBOROUGH DEAN A sold 50,000 shares worth $3.93M. On Tuesday, June 7 the insider HICKS KEN C sold $381,150. PYOTT DAVID E I had sold 2,000 shares worth $157,220. 11,567 Avery Dennison Corp (NYSE:AVY) shares with value of $903,383 were sold by Hill Anne.

Avery Dennison Corp (NYSE:AVY) Ratings Coverage

Out of 4 analysts covering Avery Dennison (NYSE:AVY), 2 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 50% are positive. Avery Dennison has been the topic of 8 analyst reports since October 15, 2015 according to StockzIntelligence Inc. Barclays Capital maintained Avery Dennison Corp (NYSE:AVY) on Monday, May 2 with “Overweight” rating. The firm earned “Underperform” rating on Friday, July 1 by Bank of America. Aegis Capital initiated the stock with “Hold” rating in Monday, November 21 report. JP Morgan downgraded it to “Neutral” rating and $78 target price in Friday, May 20 report. On Thursday, October 27 the stock rating was upgraded by JP Morgan to “Overweight”.

AVY Company Profile

Avery Dennison Corporation (Avery Dennison), incorporated on February 23, 1977, is engaged in the production of pressure-sensitive materials and a range 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. The Company’s divisions include Pressure-sensitive Materials (PSM), Retail Branding and Information Solutions (RBIS), and Vancive Medical Technologies (Vancive). It also sells pressure-sensitive materials in converted form as tapes and reflective sheeting. The Firm also makes and sells a range 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.

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By Peter Erickson


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