PNC Financial Services Group Inc. grew its holdings in Amcor PLC (NYSE:AMCR – Free Report) by 9.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 502,367 shares of the company’s stock after acquiring an additional 45,103 shares during the period. PNC Financial Services Group Inc.’s holdings in Amcor were worth $4,190,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after buying an additional 20,757 shares during the period. Focus Partners Wealth lifted its stake in shares of Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after purchasing an additional 4,396 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Amcor in the 2nd quarter valued at approximately $138,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Amcor in the 2nd quarter valued at approximately $6,426,000. Finally, CW Advisors LLC purchased a new position in shares of Amcor in the 2nd quarter valued at approximately $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently commented on AMCR. JPMorgan Chase & Co. lowered their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Robert W. Baird set a $54.00 target price on Amcor in a research note on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price for the company. Morgan Stanley cut Amcor from an “overweight” rating to an “equal weight” rating and set a $46.00 target price for the company. in a research note on Wednesday, January 28th. Finally, Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.
Amcor Trading Up 0.1%
NYSE AMCR opened at $38.43 on Tuesday. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The stock has a market cap of $17.77 billion, a P/E ratio of 26.87, a P/E/G ratio of 1.16 and a beta of 0.63. The stock’s fifty day moving average price is $39.55 and its 200-day moving average price is $42.34. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30.
Amcor (NYSE:AMCR – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.96 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 for the quarter, compared to analysts’ expectations of $5.71 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 77.4% on a year-over-year basis. As a group, equities analysts forecast that Amcor PLC will post 3.97 EPS for the current fiscal year.
Amcor Dividend Announcement
The firm also recently announced 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. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.8%. Amcor’s dividend payout ratio (DPR) is presently 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.
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