Investment Management Corp of Ontario Cuts Position in Amcor plc (NYSE:AMCR)

Investment Management Corp of Ontario cut its stake in Amcor plc (NYSE:AMCR) by 2.5% in the 4th quarter, Holdings Channel reports. The fund owned 327,311 shares of the company’s stock after selling 8,390 shares during the quarter. Investment Management Corp of Ontario’s holdings in Amcor were worth $3,080,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp boosted its position in Amcor by 247.4% during the fourth quarter. Jones Financial Companies Lllp now owns 3,735 shares of the company’s stock valued at $35,000 after buying an additional 2,660 shares during the period. Quarry LP boosted its position in Amcor by 2,064.5% during the fourth quarter. Quarry LP now owns 3,723 shares of the company’s stock valued at $35,000 after buying an additional 3,551 shares during the period. Huntington National Bank boosted its position in Amcor by 52.4% during the fourth quarter. Huntington National Bank now owns 4,426 shares of the company’s stock valued at $42,000 after buying an additional 1,522 shares during the period. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Amcor during the fourth quarter valued at about $44,000. Finally, SBI Securities Co. Ltd. purchased a new stake in Amcor during the fourth quarter valued at about $60,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Performance

Shares of NYSE:AMCR opened at $9.13 on Monday. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. Amcor plc has a 12 month low of $8.37 and a 12 month high of $11.48. The company has a 50-day moving average price of $9.49 and a 200-day moving average price of $9.82. The company has a market cap of $13.20 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 1.96 and a beta of 0.78.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.18 EPS for the quarter, hitting the consensus estimate of $0.18. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same period last year, the business posted $0.13 earnings per share. Amcor’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Amcor plc will post 0.74 EPS for the current year.

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Thursday, May 22nd will be issued a $0.1275 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $0.51 annualized dividend and a yield of 5.59%. Amcor’s dividend payout ratio (DPR) is presently 91.07%.

Insiders Place Their Bets

In related news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the completion of the acquisition, the director now directly owns 88,967 shares of the company’s stock, valued at approximately $898,566.70. This represents a 12.66% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on AMCR. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Truist Financial lowered their price objective on shares of Amcor from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Raymond James began coverage on shares of Amcor in a research note on Tuesday, April 22nd. They set a “market perform” rating for the company. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.31.

Amcor Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.