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Avery Dennison CFO sells over $650k in company stock

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A recent filing with the Securities and Exchange Commission revealed that Gregory Lovins, the Senior Vice President and Chief Financial Officer of Avery Dennison Corp (NYSE:), has sold 2,894 shares of company stock. The transaction, dated May 10, 2024, was executed at a price of $227.20 per share, amounting to a total value of $657,516.

The sale has adjusted Lovins’ direct holdings in the company to 67,457 shares. Additionally, it is noted that Lovins holds an indirect position of 2,165.5841 shares through a Savings Plan. The details of the transaction were made public via a Form 4 document filed with the SEC on May 13, 2024.

Avery Dennison Corp, known for its production of pressure-sensitive adhesive materials, apparel branding labels, tags, and specialty medical products, is a leader in the converted paper and paperboard products industry. The company, with its headquarters in Glendale, California, operates under the ticker AVY on the New York Stock Exchange.

Investors and market watchers often scrutinize insider transactions as they can provide insights into a company’s financial health and future prospects. However, it’s important to note that such transactions do not necessarily indicate a change in company fundamentals, and can be motivated by various personal financial considerations of the executives involved.

The document was signed by Vikas Arora, attorney-in-fact for Gregory Lovins, indicating the completion and verification of the reported transaction.

InvestingPro Insights

Avery Dennison Corp (NYSE:AVY), a key player in the materials science industry, has been the subject of investor attention following the recent insider sale by its CFO. In light of this event, it is important to consider the company’s performance metrics and trends that could influence investor perception and stock valuation.

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According to InvestingPro data, Avery Dennison boasts a market capitalization of $18.09 billion, reflecting its significant presence in the market. The company’s Price to Earnings (P/E) ratio stands at a high 32.64, with an adjusted P/E for the last twelve months as of Q1 2024 at 27.74. This high earnings multiple suggests a premium valuation, which could be indicative of investor confidence in the company’s future earnings potential. Additionally, the Price to Book (P/B) ratio is noted at 8.2, which is also on the higher side, potentially signaling that the stock is valued richly in relation to its net assets.

InvestingPro Tips for Avery Dennison highlight that the company has a history of consistent dividend payments, having maintained them for 54 consecutive years, and has raised its dividend for 13 consecutive years. This could be a reassuring sign for income-focused investors seeking stable dividend-paying stocks. However, it’s worth noting that 4 analysts have revised their earnings estimates downwards for the upcoming period, which could be a point of concern for potential investors.

The stock’s trading patterns are also of interest, as Avery Dennison has been trading near its 52-week high, with a price 98.35% of that peak. This, combined with a large price uptick over the last six months, with a total return of 26.57%, may suggest strong market sentiment and momentum. Nevertheless, investors should consider that the company’s short-term obligations exceed its liquid assets, which could pose liquidity risks.

For those looking to delve deeper into Avery Dennison’s financial health and future prospects, InvestingPro offers additional insights. There are 12 more InvestingPro Tips available for Avery Dennison, providing a more comprehensive analysis. To access these tips and make informed investment decisions, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Comet fragment lights up sky over Spain and Portugal ‘like a movie’

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By Catarina Demony and Ana Cantero

LISBON (Reuters) – A bright comet fragment lit up the skies over parts of Spain and Portugal late on Saturday, according to the European Space Agency (ESA), with one Lisbon resident saying the dazzling display “felt like a movie”.

On Sunday morning, the ESA shared on X a video captured by its “fireball camera” of what it described as a “stunning meteor” over the skies of the western Spanish city of Caceres, near the Portuguese border.

But it later said it appeared to be a “small piece of a comet” and not a meteor, estimating it flew over Spain and Portugal at a speed of 45 km (28 miles) per second before burning up over the Atlantic.

“The likelihood of any meteorites being found is very low,” the ESA said.

In both countries, videos shot in several cities and towns went viral on social media, showing the object crossing the night sky at high speed and illuminating it in bright tones of blue and green.

The Spanish Calar Alto astronomical observatory also said a preliminary analysis by Andalusia’s Institute of Astrophysics revealed the object had a “cometary origin”.

During a concert in the Portuguese city of Barcelos, the object was filmed streaking across the sky as the singer performed. Another video showed the skies of Porto, Portugal’s second biggest city, turning bright for a few seconds.

Many contacted emergency services to report what happened. A spokesperson for the Spanish Emergency service 112, in Madrid, told Europa Press news agency it had received several calls.

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Lisbon resident Bernardo Taborda, 31, told Reuters he was walking around the city with friends when the sky suddenly turned bright green: “It almost looked like daylight … we all looked back and saw it.”

“It felt like a movie, we all looked at each other and we were stunned,” Taborda said. “It was amazing.”

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Helicopter carrying Iran’s President Raisi crashes in mountains, official says

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By Parisa Hafezi and Elwely Elwelly

DUBAI (Reuters) -A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog, an Iranian official told Reuters, and rescuers were making their way to the site of the incident.

The official said the lives of Raisi and Foreign Minister Hossein Amirabdollahian were “at risk following the helicopter crash”, which happened on the way back from a visit to Iran’s border with Azerbaijan.

“We are still hopeful but information coming from the crash site is very concerning,” said the official, speaking on condition of anonymity.

The bad weather was complicating rescue efforts, the state news agency IRNA reported. The chief of staff of Iran’s army ordered all the resources of the army and the elite Revolutionary Guard to be put to use in the search and rescue operations.

State TV stopped all its regular programming to show prayers being held for Raisi across the country and, in a corner of the screen, live coverage of rescue teams deployed on foot in the mountainous area in heavy fog.

The rescue teams were expected to reach the site of the crash later on Sunday evening, state TV reported.

Raisi, 63, was elected president in 2021, and since taking office has ordered a tightening of morality laws, overseen a bloody crackdown on anti-government protests and pushed hard in nuclear talks with world powers.

In Iran’s dual political system, split between the clerical establishment and the government, it is the supreme leader rather than the president who has the final say on all major policies.

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But many have seen Raisi as a strong contender to succeed his 85-year-old mentor, Supreme Leader Ayatollah Ali Khamenei, who has strongly endorsed Raisi’s main policies.

Raisi’s victory in a closely managed election in 2021 brought all branches of power under the control of hardliners, after eight years when the presidency had been held by pragmatist Hassan Rouhani, who negotiated a nuclear deal with Washington.

However, Raisi’s standing may have been dented by widespread protests against clerical rule and a failure to turn around Iran’s economy, hamstrung by Western sanctions.

Raisi had been at the Azerbaijani border to inaugurate the Qiz-Qalaisi Dam, a joint project.

Interior Minister Ahmed Vahidi told state TV only that one of the helicopters in a group of three had come down in the incident, and that authorities were awaiting further details.

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Sean ‘Diddy’ Combs apologizes after video depicting attack on ex-girlfriend

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By Katharine Jackson

(Reuters) – Music mogul Sean “Diddy” Combs posted an apology to social media on Sunday, two days after the release of hotel surveillance video that appeared to show him attacking his ex-girlfriend.

“I’m truly sorry,” Combs said in a video post on his Instagram page. “My behavior on that video is inexcusable. I take full responsibility for my actions in that video. I’m disgusted. I was disgusted then when I did it. I’m disgusted now.”

Addressing the camera directly, Combs said he had sought therapy and gone into rehab.

In the surveillance video from 2016, which was released by CNN on Friday, the rapper appears to grab R&B vocalist Casandra Ventura as she waits by an elevator in a California hotel. Clad only in a towel, he throws her to the floor, kicking her repeatedly before dragging her toward a hallway, the video shows.

A representative for Combs could not be immediately reached for further comment.

Ventura, who performs under the stage name Cassie, sued Combs in 2023, accusing him of serial physical abuse, sexual slavery and rape during a 10-year professional and romantic relationship in which he controlled her through intimidation, drugs and alcohol. The parties settled the matter the following day for undisclosed terms. Representatives for Combs said at the time the settlement was “in no way an admission of wrongdoing.”

The lawsuit was one of at least four civil complaints in recent months that leveled sexual assault allegations against Combs.

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The U.S. Department of Homeland Security said in March it had opened an investigation into the hip-hop star and searched his homes in the Miami area and in Los Angeles; it provided no details of the nature of the investigation.

Local television images of the search showed an armored vehicle and officers carrying rifles outside Combs’ Los Angeles home. Authorities detained some people at the property with their hands bound by zip ties.

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