Amcor PLC $AMCR Holdings Lowered by Castleview Partners LLC

Key Points

• Castleview Partners LLC sharply reduced its Amcor stake in the first quarter, cutting holdings by 73.6% and selling 27,358 shares. The firm ended with 9,820 shares valued at about $390,000.
• Amcor posted solid quarterly results and continues paying a high dividend. The company met earnings expectations with $0.96 EPS and beat revenue estimates at $5.91 billion, while declaring a $0.65 quarterly dividend that annualizes to a 6.0% yield.
• Wall Street remains cautiously positive on AMCR. Analysts currently rate the stock a “Moderate Buy” with a consensus price target of $48.00, although several firms recently trimmed their targets.

Castleview Partners LLC decreased its stake in Amcor PLC (NYSE:AMCR - Free Report) by 73.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,820 shares of the company's stock after selling 27,358 shares during the quarter. Castleview Partners LLC's holdings in Amcor were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AMCR. AdvisorNet Financial Inc purchased a new position in shares of Amcor in the first quarter worth approximately $25,000. DV Equities LLC purchased a new stake in shares of Amcor in the 4th quarter valued at approximately $27,000. Brown Lisle Cummings Inc. lifted its position in shares of Amcor by 137.9% in the 4th 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. Larson Financial Group LLC boosted its stake in Amcor by 46.1% in the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock worth $33,000 after purchasing an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC grew its position in Amcor by 10.1% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock worth $34,000 after purchasing an additional 373 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Stock Up 1.1%

Shares of NYSE:AMCR traded up $0.48 during midday trading on Friday, hitting $43.18. 2,267,386 shares of the stock were exchanged, compared to its average volume of 3,111,503. 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 PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The business's fifty day simple moving average is $40.21 and its two-hundred day simple moving average is $42.11. The company has a market capitalization of $19.96 billion, a PE ratio of 30.19, a P/E/G ratio of 1.22 and a beta of 0.62.

Amcor (NYSE:AMCR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting 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 the consensus estimate of $5.71 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. The business's quarterly revenue was up 77.4% compared to the same quarter last year. As a group, research analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.0%. Amcor's payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AMCR. JPMorgan Chase & Co. cut their target price on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an "equal weight" rating in a report on Wednesday, May 20th. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Citigroup reduced their price objective on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Truist Financial restated a "buy" rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.00.

Amcor Company 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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