Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of Amcor PLC (NYSE:AMCR – Free Report) by 29.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 65,693 shares of the company’s stock after selling 27,577 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Amcor were worth $2,750,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in Amcor in the 2nd quarter valued at about $90,556,000. Rubric Capital Management LP bought a new position in Amcor in the 1st quarter valued at about $50,458,000. Ancora Advisors LLC bought a new position in Amcor in the 2nd quarter valued at about $39,470,000. Hsbc Holdings PLC raised its holdings in Amcor by 1,620.5% in the 1st quarter. Hsbc Holdings PLC now owns 672,649 shares of the company’s stock valued at $26,592,000 after acquiring an additional 633,554 shares during the period. Finally, National Pension Service raised its holdings in Amcor by 1.3% in the 2nd quarter. National Pension Service now owns 505,524 shares of the company’s stock valued at $21,914,000 after acquiring an additional 6,297 shares during the period. Institutional investors own 45.14% of the company’s stock.
Wall Street Analyst Weigh In
AMCR has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of Amcor from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, August 14th. BMO Capital Markets started coverage on Amcor in a research report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 target price on the stock. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $47.00 target price (up from $44.00) on shares of Amcor in a research note on Monday, August 17th. UBS Group started coverage on Amcor in a research note on Tuesday, August 11th. They set a “buy” rating and a $56.00 target price on the stock. Finally, Bank of America lifted their price target on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.36.
View Our Latest Stock Report on AMCR
Amcor Trading Up 2.3%
Shares of Amcor stock opened at $46.31 on Friday. The firm has a 50-day moving average of $44.02 and a 200-day moving average of $42.42. The stock has a market cap of $21.41 billion, a PE ratio of 11.32, a PEG ratio of 2.83 and a beta of 0.58. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.76 and a current ratio of 1.25.
Amcor (NYSE:AMCR – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.19 by $0.04. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.05 billion. During the same period in the prior year, the company posted $0.20 earnings per share. Amcor’s revenue was up 25.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Amcor PLC will post 1.83 EPS for the current year.
Amcor Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, September 4th were issued a $0.65 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a yield of 5.6%. Amcor’s payout ratio is currently 110.17%.
Amcor Company Profile
Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.
The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.
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