Cardinal Capital Management Sells 107,270 Shares of Amcor PLC $AMCR

Key Points

• Cardinal Capital Management significantly reduced its stake in Amcor PLC, selling 107,270 shares to end with only 12,767 shares, equating to an 89.4% decrease in their holdings.
• Amcor reported quarterly earnings with earnings per share of $0.20, slightly below the consensus estimate, while also announcing a quarterly dividend of $0.1275 per share, indicating a 6.3% yield.
• Analysts have mixed views on Amcor, with a consensus rating of "Moderate Buy" and an average price target of $11.21, despite price targets being adjusted down by some firms.

Cardinal Capital Management lessened its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 89.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,767 shares of the company's stock after selling 107,270 shares during the period. Cardinal Capital Management's holdings in Amcor were worth $117,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AdvisorNet Financial Inc boosted its stake in shares of Amcor by 839.8% during the 2nd quarter. AdvisorNet Financial Inc now owns 3,026 shares of the company's stock worth $28,000 after buying an additional 2,704 shares during the last quarter. Rakuten Securities Inc. boosted its stake in shares of Amcor by 18,725.0% during the 1st quarter. Rakuten Securities Inc. now owns 3,012 shares of the company's stock worth $29,000 after buying an additional 2,996 shares during the last quarter. Adirondack Trust Co. acquired a new position in shares of Amcor during the 2nd quarter worth about $29,000. HM Payson & Co. acquired a new position in shares of Amcor during the 1st quarter worth about $30,000. Finally, Brentview Investment Management LLC acquired a new position in shares of Amcor during the 1st quarter worth about $31,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AMCR has been the subject of a number of recent research reports. Truist Financial set a $11.00 price objective on shares of Amcor and gave the stock a "buy" rating in a research note on Friday, July 11th. Robert W. Baird dropped their target price on shares of Amcor from $11.00 to $10.00 and set a "neutral" rating on the stock in a report on Friday, August 15th. Jefferies Financial Group initiated coverage on shares of Amcor in a report on Wednesday, July 2nd. They issued a "buy" rating and a $12.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Amcor from $10.00 to $11.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Finally, UBS Group raised shares of Amcor from a "neutral" rating to a "buy" rating in a report on Thursday, June 26th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $11.21.

Amcor Stock Down 2.0%

Amcor stock opened at $8.09 on Wednesday. The stock has a market cap of $11.69 billion, a P/E ratio of 22.46, a P/E/G ratio of 1.08 and a beta of 0.72. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18. Amcor PLC has a twelve month low of $8.07 and a twelve month high of $11.48. The company's 50-day moving average price is $8.91 and its two-hundred day moving average price is $9.20.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.01). The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.18 billion. Amcor had a net margin of 3.40% and a return on equity of 19.43%. The firm's revenue was up 43.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share. Amcor has set its FY 2026 guidance at 0.800-0.830 EPS. As a group, analysts expect that Amcor PLC will post 0.74 EPS for the current year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, September 5th. Amcor's payout ratio is 141.67%.

Insider Activity at Amcor

In other Amcor news, Director Stephen E. Sterrett purchased 10,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $8.55 per share, for a total transaction of $85,500.00. Following the completion of the acquisition, the director owned 10,000 shares in the company, valued at approximately $85,500. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.60% of the company's stock.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.

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