Amcor PLC $AMCR Shares Sold by PFG Investments LLC

Key Points

• PFG Investments LLC cut its Amcor stake by 77.9% in the first quarter, selling 24,523 shares and leaving it with 6,948 shares worth about $276,000.
• Wall Street remains cautiously positive on Amcor, with an average “Moderate Buy” rating and a consensus price target of about $48.
• Amcor recently reported earnings in line with estimates and revenue above expectations, while also paying a quarterly dividend of $0.65 per share, implying a 6.1% yield.

PFG Investments LLC trimmed its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 77.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,948 shares of the company's stock after selling 24,523 shares during the period. PFG Investments LLC's holdings in Amcor were worth $276,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. World Investment Advisors acquired a new stake in shares of Amcor during the 1st quarter valued at $238,000. Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in shares of Amcor in the 1st quarter worth $3,653,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Amcor during the first quarter worth $308,000. Sound Income Strategies LLC acquired a new stake in shares of Amcor during the first quarter worth $19,343,000. Finally, Strs Ohio purchased a new stake in shares of Amcor during the first quarter valued at $438,000. Institutional investors and hedge funds own 45.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AMCR. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. reduced their price objective on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Citigroup dropped their target price on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Amcor in a report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Amcor presently has an average rating of "Moderate Buy" and an average target price of $48.00.

Amcor Stock Performance

Shares of AMCR stock opened at $42.71 on Friday. The company has a market capitalization of $19.75 billion, a price-to-earnings ratio of 29.87, a P/E/G ratio of 1.18 and a beta of 0.62. Amcor PLC has a 1-year low of $36.25 and a 1-year 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's fifty day simple moving average is $40.10 and its 200-day simple moving average is $42.10.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the business earned $0.90 EPS. The business's revenue for the quarter was up 77.4% on a year-over-year basis. On average, sell-side analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's dividend payout ratio is 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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