Amcor PLC $AMCR Stake Lessened by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System cut its Amcor stake by 79.3% in the first quarter, selling more than 2.55 million shares and leaving it with 665,429 shares worth about $26.45 million.
• Amcor’s latest earnings matched Wall Street expectations, with EPS of $0.96 and revenue of $5.91 billion, topping analyst revenue estimates. The company also said quarterly revenue rose sharply year over year.
• Analysts remain cautious but generally positive: Amcor has a Moderate Buy consensus rating with an average price target of $48.08, while the stock recently traded around $43.21 and offers a 6.0% dividend yield.

California Public Employees Retirement System lessened its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 79.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 665,429 shares of the company's stock after selling 2,550,622 shares during the period. California Public Employees Retirement System owned about 0.14% of Amcor worth $26,451,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of AMCR. N.E.W. Advisory Services LLC boosted 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 acquiring an additional 373 shares during the period. CYBER HORNET ETFs LLC lifted its position in shares of Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock worth $37,000 after purchasing an additional 447 shares in the last quarter. FineMark National Bank & Trust boosted its holdings in shares of Amcor by 0.6% during the fourth quarter. FineMark National Bank & Trust now owns 80,503 shares of the company's stock worth $671,000 after purchasing an additional 503 shares during the period. United Asset Strategies Inc. boosted its holdings in shares of Amcor by 1.6% during the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company's stock worth $321,000 after purchasing an additional 597 shares during the period. Finally, AdvisorNet Financial Inc purchased a new position in Amcor during the first quarter valued at approximately $25,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Analyst Ratings Changes

AMCR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. BMO Capital Markets started coverage on shares of Amcor in a report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price target on the stock. Citigroup dropped their price target on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Wells Fargo & Company set a $43.00 price objective on Amcor and gave the stock an "equal weight" rating in a report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research report on Wednesday, April 1st. They set 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 assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $48.08.

Amcor Trading Down 0.5%

Amcor stock opened at $43.21 on Thursday. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The company's fifty day moving average price is $40.87 and its two-hundred day moving average price is $42.21. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The company has a market capitalization of $19.98 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 1.36 and a beta of 0.62.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting analysts' consensus estimates of $0.96. The company had revenue of $5.91 billion during the quarter, compared to analysts' expectations of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business's quarterly revenue was up 77.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.0%. Amcor's dividend payout ratio is presently 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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