Amcor PLC $AMCR Stake Lowered by PFG Investments LLC

PFG Investments LLC cut its stake in Amcor PLC (NYSE:AMCR) by 77.9% during the first quarter, HoldingsChannel reports. The fund owned 6,948 shares of the company’s stock after selling 24,523 shares during the quarter. PFG Investments LLC’s holdings in Amcor were worth $276,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital International Investors purchased a new position in Amcor in the fourth quarter valued at about $354,227,000. Norges Bank purchased a new stake in shares of Amcor during the 4th quarter worth about $308,724,000. AQR Capital Management LLC raised its stake in shares of Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock worth $147,184,000 after purchasing an additional 12,803,785 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Amcor during the 4th quarter valued at about $103,713,000. Finally, Invesco Ltd. lifted its holdings in shares of Amcor by 29.9% during the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock valued at $385,373,000 after buying an additional 10,846,351 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Citigroup dropped their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. decreased their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target on the stock. Finally, Truist Financial restated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Amcor Stock Up 1.8%

AMCR opened at $42.71 on Friday. The business has a 50 day moving average price of $40.10 and a 200 day moving average price of $42.10. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The firm has a market cap of $19.75 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 1.18 and a beta of 0.62.

Amcor (NYSE:AMCR) last announced its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The company’s revenue was up 77.4% on a year-over-year basis. Research analysts forecast that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio is currently 181.82%.

Amcor Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.