Amcor PLC $AMCR Stake Reduced by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC sharply reduced its Amcor stake by 84.1% in the first quarter, leaving it with 5,355 shares valued at about $213,000.
• Amcor reported Q4 earnings in line with expectations at $0.96 per share and revenue of $5.91 billion, which topped analyst estimates. Analysts now expect the company to earn 3.97 EPS for the current fiscal year.
• The company declared a quarterly dividend of $0.65 per share, equal to an annualized yield of about 5.9%. Analysts currently rate the stock a “Moderate Buy” with an average price target of $48.40.

Private Advisor Group LLC cut its stake in Amcor PLC (NYSE:AMCR - Free Report) by 84.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,355 shares of the company's stock after selling 28,313 shares during the period. Private Advisor Group LLC's holdings in Amcor were worth $213,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AMCR. Capital International Investors bought a new position in shares of Amcor during the fourth quarter worth about $354,227,000. Norges Bank bought a new stake in Amcor in the 4th quarter valued at about $308,724,000. AQR Capital Management LLC boosted its stake in Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock valued at $147,184,000 after purchasing an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Amcor during the 4th quarter valued at about $103,713,000. Finally, Invesco Ltd. grew its position in Amcor by 29.9% in the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock worth $385,373,000 after purchasing an additional 10,846,351 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Up 0.0%

Amcor stock opened at $43.96 on Monday. The stock has a market cap of $20.32 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 1.38 and a beta of 0.62. 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 company's 50-day moving average price is $40.65 and its two-hundred day moving average price is $42.18. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94.

Amcor (NYSE:AMCR - Get Free Report) last issued 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. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the business posted $0.90 EPS. The business's revenue for the quarter was up 77.4% compared to the same quarter last year. On average, analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's dividend payout ratio (DPR) is presently 181.82%.

Analysts Set New Price Targets

AMCR has been the topic of several analyst reports. Weiss Ratings upgraded shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Truist Financial reissued a "buy" rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Wells Fargo & Company set a $43.00 target price on Amcor and gave the company an "equal weight" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research note on Wednesday, April 1st. They set a "buy" rating and a $50.00 target price on the stock. Finally, Citigroup reduced their price target on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.40.

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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