Assetmark Inc. Sells 211,691 Shares of Amcor PLC $AMCR

Key Points

• Assetmark Inc. reduced its Amcor stake by 75.1% in the first quarter, selling 211,691 shares and leaving it with 70,106 shares valued at about $2.79 million.
• Several large institutional investors have recently added to or established positions in Amcor, and institutions now own about 45.14% of the company.
• Analysts are generally positive on Amcor, with a consensus Moderate Buy rating and an average price target of $48.08, while the stock recently traded at $42.68 and offers a 6.1% dividend yield.

Assetmark Inc. trimmed its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 75.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,106 shares of the company's stock after selling 211,691 shares during the quarter. Assetmark Inc.'s holdings in Amcor were worth $2,787,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Capital International Investors bought a new position in shares of Amcor during the fourth quarter valued at about $354,227,000. Norges Bank bought a new stake in Amcor in the 4th quarter worth about $308,724,000. AQR Capital Management LLC grew its position in Amcor by 398.6% in the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock worth $147,184,000 after purchasing an additional 12,803,785 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Amcor in the 4th quarter valued at about $103,713,000. Finally, Invesco Ltd. increased its stake in Amcor by 29.9% in the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock valued at $385,373,000 after buying an additional 10,846,351 shares during the last quarter. Institutional investors own 45.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AMCR shares. Truist Financial restated a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Wells Fargo & Company set a $43.00 price target on Amcor and gave the company an "equal weight" rating in a research report on Wednesday, July 15th. Bank of America lifted their price target on Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Citigroup cut their price objective on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Finally, BMO Capital Markets began coverage on Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.08.

Amcor Price Performance

Shares of NYSE AMCR opened at $42.68 on Friday. The stock has a fifty day simple moving average of $40.96 and a two-hundred day simple moving average of $42.21. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The firm has a market cap of $19.73 billion, a price-to-earnings ratio of 29.84, a price-to-earnings-growth ratio of 1.36 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.

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

Amcor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. Amcor's dividend payout ratio (DPR) 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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