Cannell & Spears LLC Sells 1,751,809 Shares of Amcor PLC $AMCR

Key Points

• Cannell & Spears LLC cut its Amcor position sharply in the first quarter, selling 1,751,809 shares and reducing its holdings by 76.8% to 528,420 shares worth about $20.2 million.
• Other institutional investors were mixed on Amcor, with several adding stakes while institutions overall still held about 45.14% of the company.
• Analysts remain broadly constructive on the stock: Amcor has a Moderate Buy consensus, a target price of $48.08, and recently posted earnings and revenue that met or beat expectations while paying a quarterly dividend yielding about 5.8%.

Cannell & Spears LLC decreased its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 76.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 528,420 shares of the company's stock after selling 1,751,809 shares during the period. Cannell & Spears LLC owned approximately 0.11% of Amcor worth $20,166,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company's stock worth $2,596,000 after purchasing an additional 20,757 shares during the period. Focus Partners Wealth boosted its position in Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company's stock valued at $418,000 after buying an additional 4,396 shares during the period. Sivia Capital Partners LLC purchased a new stake in Amcor during the second quarter valued at about $138,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Amcor during the second quarter valued at about $6,426,000. Finally, CW Advisors LLC bought a new position in shares of Amcor during the second quarter valued at about $228,000. Institutional investors own 45.14% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AMCR. Bank of America boosted their target price on Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Jefferies Financial Group set a $44.92 price target on Amcor and gave the stock a "hold" rating in a research report on Tuesday. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price objective for the company. Finally, Wells Fargo & Company set a $43.00 price objective on Amcor and gave the company an "equal weight" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Amcor currently has an average rating of "Moderate Buy" and a consensus target price of $48.08.

Amcor Price Performance

AMCR stock opened at $44.60 on Friday. The stock has a market capitalization of $20.62 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 1.34 and a beta of 0.62. The firm's 50-day moving average price is $41.11 and its two-hundred day moving average price is $42.23. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. 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 earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting analysts' consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Amcor's revenue for the quarter was up 77.4% on a year-over-year basis. As a group, equities analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Thursday, May 28th. Amcor's dividend payout ratio (DPR) is currently 181.82%.

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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