Burney Co. Has $1.15 Million Holdings in Amcor PLC $AMCR

Key Points

• Burney Co. cut its Amcor stake by 84.2% in the first quarter, selling 153,925 shares and leaving it with 28,936 shares worth about $1.15 million.
• Amcor reported quarterly earnings of $0.96 per share, matching estimates, while revenue of $5.91 billion topped forecasts. The company also said revenue rose sharply year over year.
• The stock offers a 6.2% dividend yield with an annualized payout of $2.60 per share, but analysts remain only moderately bullish overall, with a consensus rating of “Moderate Buy” and an average price target of $48.

Burney Co. decreased its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 84.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,936 shares of the company's stock after selling 153,925 shares during the quarter. Burney Co.'s holdings in Amcor were worth $1,150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of AMCR. Capital International Investors bought a new stake in shares of Amcor during the fourth quarter worth about $354,227,000. Norges Bank bought a new position in Amcor in the 4th quarter valued at about $308,724,000. AQR Capital Management LLC boosted its stake in Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock valued at $147,184,000 after purchasing an additional 12,803,785 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Amcor during the 4th quarter worth approximately $103,713,000. Finally, Invesco Ltd. increased its holdings in Amcor by 29.9% during the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock worth $385,373,000 after purchasing an additional 10,846,351 shares in the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Stock Performance

Shares of AMCR opened at $41.91 on Thursday. 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 company has a market capitalization of $19.38 billion, a price-to-earnings ratio of 29.31, a PEG ratio of 1.25 and a beta of 0.62. The stock has a 50 day moving average of $40.01 and a 200 day moving average of $42.09. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The business 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%.The business's revenue was up 77.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. As a group, sell-side analysts forecast that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's payout ratio is 181.82%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Thursday, May 7th. Citigroup decreased 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. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research note on Wednesday, April 1st. They set a "buy" rating and a $50.00 price objective on the stock. Finally, Truist Financial reaffirmed a "buy" rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.00.

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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