Nicholas Colisto, Senior Vice President and Chief Information Officer at Avery Dennison Corp (NYSE:AVY), recently sold 3,679 shares of the company's common stock. The shares were sold at an average price of $205.995 each, amounting to a total transaction value of $757,855. Following this sale, Colisto holds 7,126 shares in the company.
In other recent news, Avery Dennison Corporation (NYSE:AVY) has reported significant changes in its executive team and board of directors, alongside strong third-quarter earnings. Gregory S. Lovins, the company's Senior Vice President and CFO, has taken a medical leave of absence, with Danny G. Allouche stepping in as interim CFO. Meanwhile, long-standing board member Ken C. Hicks resigned to assume a new role as President and CEO of PetSmart LLC.
Avery Dennison also reported a 9% year-over-year increase in adjusted earnings per share for the third quarter, reaching $2.33. The company raised its full-year earnings guidance to between $9.35 and $9.50 per share, forecasting an organic sales growth of 4.5% to 5%.
In financial developments, the company issued €500 million in senior notes due in 2034, with proceeds used to repay existing debt and for general corporate purposes. Analysts from Citi and BMO Capital Markets adjusted their price targets on Avery Dennison, citing a pattern of lowered sales growth outlooks for the company's Industrial Labels segment.
In other company news, Avery Dennison has expanded its Radio-Frequency Identification (RFID) technology into the food category, piloting this technology in approximately 2,800 Kroger (NYSE:KR) bakeries. The company's restructuring actions are expected to yield savings of over $55 million. These are the recent developments for Avery Dennison.
InvestingPro Insights
While Nicholas Colisto's recent sale of Avery Dennison Corp (NYSE:AVY) shares may raise eyebrows, it's crucial to consider the broader financial context of the company. According to InvestingPro data, Avery Dennison has demonstrated strong financial stability and shareholder value. The company has maintained dividend payments for an impressive 54 consecutive years, showcasing its commitment to returning value to shareholders.
An InvestingPro Tip highlights that Avery Dennison has raised its dividend for 14 consecutive years, further reinforcing its dedication to shareholder returns. This consistent dividend growth, coupled with the company's long-standing dividend payment history, suggests a robust financial position and management's confidence in future cash flows.
Another noteworthy InvestingPro Tip indicates that the stock generally trades with low price volatility. This characteristic may appeal to investors seeking stability in their portfolio, particularly in the current market environment.
It's worth noting that InvestingPro offers additional insights, with 6 more tips available for Avery Dennison. These tips could provide valuable context for investors looking to make informed decisions about the company's stock.
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