Bank of New York Mellon Corp Has $85.93 Million Position in Amcor PLC $AMCR

Key Points

• Bank of New York Mellon cut its Amcor stake sharply in Q1, selling more than 9.3 million shares and reducing its holdings by 81.2%. It still owned 2.16 million shares valued at about $85.93 million.
• Amcor’s latest quarterly earnings met Wall Street expectations at $0.96 per share and topped revenue estimates at $5.91 billion. The company also reported stronger year-over-year revenue growth and guidance from analysts points to 3.97 EPS for the current fiscal year.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $48.08. Amcor also pays a sizable quarterly dividend, currently implying an annualized yield of about 6.0%.

Bank of New York Mellon Corp lessened its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 81.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,161,766 shares of the company's stock after selling 9,315,355 shares during the period. Bank of New York Mellon Corp owned 0.47% of Amcor worth $85,930,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Amcor by 1.7% during the 4th quarter. State Street Corp now owns 141,509,581 shares of the company's stock worth $1,180,190,000 after buying an additional 2,432,340 shares during the period. M&G PLC raised its holdings in Amcor by 6.1% in the 4th quarter. M&G PLC now owns 114,989,595 shares of the company's stock valued at $919,917,000 after acquiring an additional 6,655,611 shares during the period. Vanguard Group Inc. raised its holdings in Amcor by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company's stock valued at $945,222,000 after acquiring an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Amcor by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company's stock worth $701,356,000 after acquiring an additional 2,036,667 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Amcor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company's stock worth $533,487,000 after acquiring an additional 262,418 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company's stock.

Analysts Set New Price Targets

AMCR has been the topic of several research reports. Citigroup decreased their target price on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. 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. JPMorgan Chase & Co. reduced their price target on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Thursday, May 7th. Wells Fargo & Company set a $43.00 price objective on Amcor and gave the company an "equal weight" rating in a report on Wednesday, July 15th. Finally, BMO Capital Markets assumed coverage on Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.08.

Amcor Stock Up 0.6%

Shares of AMCR opened at $43.48 on Wednesday. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The company has a market cap of $20.10 billion, a P/E ratio of 30.41, a P/E/G ratio of 1.36 and a beta of 0.62. 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 firm has a 50 day simple moving average of $40.79 and a two-hundred day simple moving average of $42.20.

Amcor (NYSE:AMCR - Get Free Report) last issued 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 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 the consensus estimate of $5.71 billion. During the same quarter last year, the business posted $0.90 EPS. The company's revenue was up 77.4% compared to the same quarter last year. Research analysts forecast that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.0%. Amcor's dividend payout ratio (DPR) is 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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