Associated Banc Corp Reduces Stock Position in Amcor PLC $AMCR

Key Points

• Associated Banc Corp cut its Amcor stake by 80.4% in the first quarter, selling 174,936 shares and leaving it with 42,765 shares valued at about $1.7 million.
• Amcor reported mixed but solid quarterly results, with earnings per share of $0.96 matching expectations and revenue of $5.91 billion topping estimates; revenue jumped 77.4% year over year.
• The company continues to offer a high dividend yield, paying a quarterly dividend of $0.65 that annualizes to $2.60 per share, or about a 6.0% yield.

Associated Banc Corp trimmed its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 80.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,765 shares of the company's stock after selling 174,936 shares during the period. Associated Banc Corp's holdings in Amcor were worth $1,700,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dakota Wealth Management lifted its stake in shares of Amcor by 74.6% in the 4th quarter. Dakota Wealth Management now owns 345,449 shares of the company's stock worth $2,881,000 after purchasing an additional 147,639 shares during the period. PFG Investments LLC bought a new stake in Amcor during the fourth quarter valued at approximately $262,000. Vanguard Group Inc. increased its holdings in Amcor by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company's stock valued at $945,222,000 after buying an additional 1,845,627 shares during the last quarter. Code Waechter LLC increased its holdings in Amcor by 105.1% during the fourth quarter. Code Waechter LLC now owns 54,113 shares of the company's stock valued at $451,000 after buying an additional 27,725 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in Amcor by 64.0% in the fourth quarter. Nordea Investment Management AB now owns 242,866 shares of the company's stock worth $2,034,000 after acquiring an additional 94,753 shares during the period. Institutional investors own 45.14% of the company's stock.

Amcor Stock Down 0.0%

Shares of AMCR opened at $43.18 on Monday. 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 stock has a market capitalization of $19.96 billion, a price-to-earnings ratio of 30.19, a price-to-earnings-growth ratio of 1.22 and a beta of 0.62. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The business's 50 day simple moving average is $40.21 and its 200-day simple moving average is $42.11.

Amcor (NYSE:AMCR - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting analysts' consensus estimates of $0.96. The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. Amcor's revenue for the quarter was up 77.4% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. As a group, equities analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal 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 issued a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. Amcor's payout ratio is 181.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AMCR shares. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the stock an "equal weight" rating in a research note on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 target price on the stock. Truist Financial reiterated a "buy" rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Citigroup cut their price target on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings upgraded Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.00.

Amcor Profile

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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