Patton Fund Management Inc. lowered its position in shares of Amcor PLC (NYSE:AMCR – Free Report) by 77.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,800 shares of the company’s stock after selling 20,309 shares during the period. Patton Fund Management Inc.’s holdings in Amcor were worth $231,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Amcor by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after purchasing an additional 20,757 shares in the last quarter. Focus Partners Wealth lifted its stake in Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after acquiring an additional 4,396 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Amcor during the 2nd quarter valued at about $138,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Amcor in the second quarter worth approximately $6,426,000. Finally, CW Advisors LLC purchased a new position in shares of Amcor during the second quarter valued at approximately $228,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
AMCR has been the topic of several research reports. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Truist Financial reiterated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. JPMorgan Chase & Co. lowered their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price target on Amcor and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Amcor currently has an average rating of “Moderate Buy” and an average target price of $49.33.
Amcor Stock Performance
NYSE AMCR opened at $43.38 on Wednesday. The business’s 50 day moving average price is $39.53 and its 200-day moving average price is $41.98. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The company has a market cap of $20.06 billion, a P/E ratio of 30.34, a P/E/G ratio of 1.30 and a beta of 0.64. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44.
Amcor (NYSE:AMCR – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The firm’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. Sell-side analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.
Amcor Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio is currently 181.82%.
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.
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