Bank of America Corp DE Sells 13,048,568 Shares of Amcor PLC $AMCR

Key Points

• Bank of America cut its Amcor stake by 73.1%, selling 13,048,568 shares and retaining 4,809,098 shares worth approximately $191.2 million, or about 1.04% of the company.
• Amcor has a “Moderate Buy” consensus rating from analysts, with an average price target of $48.08; targets range from $43 to $51.
• Amcor reported quarterly revenue of $5.91 billion, up 77.4% year over year, while earnings per share of $0.96 matched estimates. Shares opened at $47.20, up 2.6%.

Bank of America Corp DE decreased its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 73.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,809,098 shares of the company's stock after selling 13,048,568 shares during the period. Bank of America Corp DE owned about 1.04% of Amcor worth $191,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Strategic Investment Advisors MI bought a new position in shares of Amcor during the 1st quarter valued at $982,000. Arkadios Wealth Advisors bought a new stake in shares of Amcor during the 1st quarter valued at about $204,000. IFS Group LLC purchased a new stake in shares of Amcor during the 1st quarter valued at about $253,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Amcor during the 1st quarter valued at about $211,000. Finally, Rubric Capital Management LP bought a new position in shares of Amcor in the 1st quarter worth approximately $50,458,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Analyst Upgrades and Downgrades

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

Amcor Stock Up 2.6%

Shares of AMCR opened at $47.20 on Wednesday. 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 $21.82 billion, a price-to-earnings ratio of 33.01, a price-to-earnings-growth ratio of 1.44 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 $42.21 and its 200-day simple moving average is $42.36.

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. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period last year, the firm posted $0.90 earnings per share. Amcor's revenue for the quarter was up 77.4% compared to the same quarter last year. As a group, equities analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Company 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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