Amcor PLC $AMCR Stock Holdings Lowered by Vest Financial LLC

Key Points

• Vest Financial reduced its Amcor stake by 4.0% in the third quarter, selling 47,408 shares and retaining 1.13 million shares valued at approximately $47.5 million. Institutional investors collectively own 45.14% of Amcor.
• Amcor reported quarterly earnings of $1.23 per share, exceeding the $1.19 analyst estimate, while revenue rose 25.9% year over year to $6.40 billion.
• The company maintains a quarterly dividend of $0.65, equivalent to a 5.7% annualized yield. Analysts give Amcor a consensus “Moderate Buy” rating with an average price target of $49.36, compared with a recent share price of $45.24.

Vest Financial LLC lowered its position in Amcor PLC (NYSE:AMCR - Free Report) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,134,062 shares of the company's stock after selling 47,408 shares during the period. Vest Financial LLC owned about 0.25% of Amcor worth $47,472,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in AMCR. Brown Financial Advisors grew its stake in Amcor by 3.9% in the second quarter. Brown Financial Advisors now owns 6,287 shares of the company's stock valued at $273,000 after acquiring an additional 237 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Amcor by 6.6% in the third quarter. Quadrant Capital Group LLC now owns 5,320 shares of the company's stock worth $222,000 after acquiring an additional 328 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Amcor by 2.3% during the third quarter. Assenagon Asset Management S.A. now owns 16,268 shares of the company's stock worth $681,000 after purchasing an additional 364 shares during the period. Crossmark Global Holdings Inc. raised its position in shares of Amcor by 2.3% during the third quarter. Crossmark Global Holdings Inc. now owns 18,645 shares of the company's stock worth $780,000 after purchasing an additional 418 shares during the period. Finally, FNY Investment Advisers LLC lifted its holdings in shares of Amcor by 16.1% during the 2nd quarter. FNY Investment Advisers LLC now owns 3,600 shares of the company's stock valued at $156,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company's stock.

Amcor Trading Up 1.1%

AMCR opened at $45.24 on Thursday. The stock has a market capitalization of $20.92 billion, a P/E ratio of 11.18, a P/E/G ratio of 2.00 and a beta of 0.58. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The firm's fifty day simple moving average is $44.02 and its 200 day simple moving average is $42.37. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.04. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. As a group, research analysts anticipate that Amcor PLC will post 2.56 EPS for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Friday, September 4th were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Friday, September 4th. Amcor's payout ratio is 110.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Truist Financial set a $51.00 price objective on Amcor in a report on Tuesday, August 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a research note on Friday, August 7th. Bank of America increased their target price on Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Jefferies Financial Group set a $44.92 target price on shares of Amcor and gave the stock a "hold" rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company raised their target price on shares of Amcor from $43.00 to $44.00 and gave the stock an "equal weight" rating 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 given 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.

Want to see what other hedge funds are holding AMCR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amcor PLC (NYSE:AMCR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.