Bleakley Financial Group LLC Reduces Stake in Amcor PLC $AMCR

Key Points

• Bleakley Financial Group cut its Amcor position by 67.5% in the first quarter, selling 41,766 shares and leaving it with 20,084 shares valued at about $798,000.
• Amcor reported stronger-than-expected quarterly revenue of $5.91 billion and EPS of $0.96, matching analyst expectations on earnings and beating revenue estimates.
• The company pays a quarterly dividend of $0.65 per share, equal to an annualized yield of about 5.9%, while analysts currently rate the stock a “Moderate Buy” with an average price target of $48.40.

Bleakley Financial Group LLC lessened its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 67.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,084 shares of the company's stock after selling 41,766 shares during the period. Bleakley Financial Group LLC's holdings in Amcor were worth $798,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. AdvisorNet Financial Inc purchased a new position in Amcor in the 1st quarter worth approximately $25,000. DV Equities LLC bought a new position in shares of Amcor during the fourth quarter valued at approximately $27,000. Brown Lisle Cummings Inc. raised its position in shares of Amcor by 137.9% in the 4th quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company's stock worth $29,000 after acquiring an additional 2,000 shares in the last quarter. Larson Financial Group LLC lifted its position in Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock valued at $33,000 after buying an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC increased its stake in shares of Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock valued at $34,000 after purchasing an additional 373 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Stock Performance

NYSE AMCR opened at $43.96 on Friday. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a 50-day moving average of $40.65 and a 200 day moving average of $42.18. The stock has a market capitalization of $20.32 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 1.41 and a beta of 0.62.

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

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.65 per share. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 5.9%. Amcor's dividend payout ratio is 181.82%.

Wall Street Analysts Forecast Growth

AMCR has been the subject of several research analyst reports. Bank of America lifted their price objective on Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday. BMO Capital Markets started coverage on Amcor in a research note on Thursday. They set a "market perform" rating and a $47.00 target price on the stock. Citigroup lowered their target price on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their target price on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Finally, Wells Fargo & Company set a $43.00 price objective on shares of Amcor and gave the company an "equal weight" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Amcor currently has an average rating of "Moderate Buy" and an average price target of $48.40.

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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