Glenmede Trust Co. NA Lowers Stock Holdings in Amcor PLC $AMCR

Glenmede Trust Co. NA reduced its stake in Amcor PLC (NYSE:AMCR) by 92.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,626 shares of the company’s stock after selling 125,166 shares during the quarter. Glenmede Trust Co. NA’s holdings in Amcor were worth $383,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AMCR. AdvisorNet Financial Inc acquired a new position in Amcor in the 1st quarter valued at $25,000. Western Wealth Management LLC acquired a new stake in shares of Amcor in the 1st quarter worth $27,000. DV Equities LLC acquired a new stake in shares of Amcor in the 4th quarter worth $27,000. Brown Lisle Cummings Inc. boosted its holdings in shares of Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in shares of Amcor by 46.1% in the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after acquiring an additional 1,257 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Trading Up 1.7%

Shares of Amcor stock opened at $47.87 on Friday. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a market cap of $22.13 billion, a PE ratio of 33.48, a price-to-earnings-growth ratio of 1.50 and a beta of 0.62. The company has a 50-day moving average of $42.71 and a two-hundred day moving average of $42.47.

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

Analysts Set New Price Targets

Several research firms have issued reports on AMCR. Citigroup dropped their target price on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Truist Financial restated 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. BMO Capital Markets started coverage on Amcor in a report on Thursday, July 16th. They set a “market perform” rating and a $47.00 price objective on the stock. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Bank of America raised their target price on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Amcor currently has an average rating of “Moderate Buy” and an average target price of $48.08.

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.