Amcor (NYSE:AMCR) Hits New 12-Month Low – Here’s What Happened

Amcor PLC (NYSE:AMCR) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $36.47 and last traded at $36.8540, with a volume of 139053 shares trading hands. The stock had previously closed at $37.49.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Truist Financial reaffirmed a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Citigroup dropped their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. reduced their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.

Amcor Trading Up 3.9%

The firm has a market capitalization of $17.63 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 1.11 and a beta of 0.63. The company’s 50-day simple moving average is $39.74 and its 200 day simple moving average is $42.36. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR) last issued its quarterly earnings data 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 net margin of 3.06% and a return on equity of 14.55%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 77.4% compared to the same quarter last year. As a group, sell-side analysts expect that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend is Thursday, May 28th. Amcor’s payout ratio is currently 181.82%.

Institutional Trading of Amcor

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital International Investors acquired a new stake in Amcor in the fourth quarter worth about $354,227,000. Norges Bank purchased a new stake in shares of Amcor during the fourth quarter worth about $308,724,000. M&G PLC increased its holdings in shares of Amcor by 26.6% during the third quarter. M&G PLC now owns 108,333,984 shares of the company’s stock valued at $866,672,000 after acquiring an additional 22,737,979 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Amcor by 103.9% in the 3rd quarter. Federated Hermes Inc. now owns 39,344,317 shares of the company’s stock valued at $321,837,000 after purchasing an additional 20,052,979 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Amcor by 398.6% in the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after purchasing an additional 12,803,785 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Amcor

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.