Amcor PLC $AMCR Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management cut its Amcor stake by 29.6% in the third quarter, selling 27,577 shares and retaining 65,693 shares valued at approximately $2.75 million.
• Amcor reported quarterly revenue of $6.40 billion and adjusted earnings of $1.23 per share, exceeding analyst estimates; revenue increased 25.9% year over year.
• The company pays a quarterly dividend of $0.65, equivalent to a 5.6% annualized yield, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $49.36.

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 29.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMCR. Bank of New York Mellon Corp acquired a new stake in shares of Amcor in the 2nd quarter valued at approximately $90,556,000. Rubric Capital Management LP bought a new position in shares of Amcor in the first quarter valued at $50,458,000. Ancora Advisors LLC acquired a new position in Amcor during the second quarter worth $39,470,000. Hsbc Holdings PLC increased its holdings in Amcor by 1,620.5% during the first quarter. Hsbc Holdings PLC now owns 672,649 shares of the company's stock worth $26,592,000 after buying an additional 633,554 shares during the last quarter. Finally, Sound Income Strategies LLC acquired a new position in Amcor during the first quarter worth $19,343,000. Institutional investors own 45.14% of the company's stock.

Amcor Price Performance

NYSE:AMCR opened at $46.31 on Friday. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The firm has a market capitalization of $21.41 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 2.83 and a beta of 0.58. The stock's 50 day moving average price is $44.02 and its two-hundred day moving average price is $42.42. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.05 billion. During the same period in the previous year, the company posted $0.20 EPS. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, analysts anticipate that Amcor PLC will post 1.83 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Friday, September 4th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date was Friday, September 4th. Amcor's dividend payout ratio is 110.17%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AMCR shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $47.00 price target (up from $44.00) on shares of Amcor in a research report on Monday, August 17th. BMO Capital Markets began coverage on shares of Amcor in a research report on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price objective for the company. Bank of America lifted their price objective on shares of Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Weiss Ratings restated a "hold (c)" rating on shares of Amcor in a research note on Friday, August 7th. Finally, Citigroup reaffirmed a "buy" rating and issued a $52.00 target price (up from $47.00) on shares of Amcor in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $49.36.

Amcor 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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