Amcor PLC $AMCR Stock Sold by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. reduced its Amcor stake by 18.4% in the third quarter, selling 76,066 shares and retaining 336,674 shares valued at approximately $14.1 million. Institutional investors and hedge funds collectively own 45.14% of Amcor.
• Amcor reported quarterly earnings of $1.23 per share, exceeding analyst estimates of $1.19, while revenue reached $6.40 billion, up 25.9% year over year and above expectations.
• The company declared a quarterly dividend of $0.65, equivalent to an annualized $2.60 dividend and a 6.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $49.36.

First Citizens Bank & Trust Co. trimmed its position in Amcor PLC (NYSE:AMCR - Free Report) by 18.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 336,674 shares of the company's stock after selling 76,066 shares during the period. First Citizens Bank & Trust Co. owned approximately 0.07% of Amcor worth $14,093,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in shares of Amcor during the second quarter worth $90,556,000. Rockefeller Capital Management L.P. boosted its position in shares of Amcor by 55.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,307,985 shares of the company's stock worth $10,909,000 after purchasing an additional 467,065 shares in the last quarter. Rubric Capital Management LP acquired a new stake in shares of Amcor in the 1st quarter worth $50,458,000. Seven Six Capital Management LLC boosted its position in shares of Amcor by 1.8% in the 4th quarter. Seven Six Capital Management LLC now owns 921,037 shares of the company's stock worth $7,681,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Ancora Advisors LLC purchased a new position in Amcor during the 2nd quarter worth $39,470,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Trading Up 0.5%

Shares of Amcor stock opened at $41.81 on Wednesday. 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 PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The firm has a market capitalization of $19.33 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 2.58 and a beta of 0.58. The firm's 50 day simple moving average is $44.42 and its two-hundred day simple moving average is $42.18.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.04. The business had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the company posted $0.20 earnings per share. Analysts predict that Amcor PLC will post 1.84 EPS for the current year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Friday, September 4th were paid a $0.65 dividend. The ex-dividend date was Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a yield of 6.2%. Amcor's dividend payout ratio (DPR) is 110.17%.

Analysts Set New Price Targets

Several brokerages recently weighed in on AMCR. Citigroup restated a "buy" rating and set a $52.00 target price (up from $47.00) on shares of Amcor in a research note on Friday, August 14th. Truist Financial set a $51.00 price target on Amcor in a research note on Tuesday, August 18th. BMO Capital Markets began coverage on Amcor in a report on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price target for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $47.00 price target (up from $44.00) on shares of Amcor in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.36.

Amcor Profile

Amcor plc NYSE: AMCR is a global packaging company that develops and produces packaging for food, beverages, pharmaceutical and medical products, personal care items, household goods and other consumer and industrial applications. Its portfolio includes flexible packaging, rigid containers, films, laminates, bags, bottles, closures, cartons and specialty packaging solutions.

The company works with brand owners and manufacturers to design packaging that supports product protection, shelf life, convenience and presentation.

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