Puts Purchased on Avery Dennison (AVY)

Shares of Avery Dennison Corp. AVY are lower on the session by 0.58%, currently trading at $34.17. The stock has been drifting lower over the past few months, but is currently trying to regain the 50-day and 200-day moving averages. Options traders are buying puts on the name today, though. The August $35 put was purchased, on the offer, 1,000 times earlier in the session. There was no open interest on that strike. Put volume is now running at 17x the daily average. Avery Dennison Corporation is engaged in production of pressure-sensitive materials, office products, and a range of tickets, tags, labels and other converted products. The company also manufactures and sells a range of office products and other converted products and other items not involving pressure-sensitive components, such as binders, organizing systems, markers, fasteners, business forms, as well as tickets, tags, radio-frequency identification inlays and labels, and imprinting equipment for retail and apparel manufacturers.