Puts Purchased on Avery Dennison (AVY)

Shares of Avery Dennison (NYSE: AVY) are higher on the session by 3.11%, currently trading at $41.78. The stock had been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages.

Options traders are buying puts on the name today. A short while ago the March 2011 $40.00 put was purchased 1,000 times, on the offer, on open interest of 32 contracts.

Overall put volume is now running at 25.35x the daily average with 95% of all puts traded being purchases on the offer.

Avery Dennison Corporation is engaged in production of pressure-sensitive materials, office products and a range of tickets, tags, labels and other converted products.