Edgestream Partners L.P. Lowers Stock Holdings in Amcor PLC $AMCR

Key Points

• Edgestream Partners reduced its Amcor stake by 43.1% in the first quarter, selling 189,462 shares and retaining 249,978 shares valued at approximately $9.94 million. Institutional investors collectively own 45.14% of the company.
• Analysts remain generally positive on Amcor, with a consensus “Moderate Buy” rating and an average price target of $48.08; individual targets range from $43 to $51.
• Amcor reported quarterly revenue of $5.91 billion, up 77.4% year over year, while matching expectations with EPS of $0.96. The company also maintains a quarterly dividend of $0.65, equating to a 5.7% annualized yield.

Edgestream Partners L.P. decreased its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 43.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 249,978 shares of the company's stock after selling 189,462 shares during the quarter. Edgestream Partners L.P. owned 0.05% of Amcor worth $9,937,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Strategic Investment Advisors MI acquired a new position in shares of Amcor in the first quarter worth $982,000. Arkadios Wealth Advisors purchased a new position in Amcor in the first quarter valued at $204,000. IFS Group LLC purchased a new position in shares of Amcor in the 1st quarter valued at about $253,000. EverSource Wealth Advisors LLC acquired a new stake in Amcor in the first quarter valued at approximately $211,000. Finally, Rubric Capital Management LP acquired a new stake in Amcor in the first quarter valued at approximately $50,458,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AMCR shares. Truist Financial reiterated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the stock an "equal weight" rating in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 target price on the stock. 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. Finally, BMO Capital Markets initiated coverage on Amcor in a report on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.08.

Amcor Trading Down 1.8%

NYSE AMCR opened at $45.87 on Thursday. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The company has a market capitalization of $21.21 billion, a price-to-earnings ratio of 32.08, a price-to-earnings-growth ratio of 1.46 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's fifty day moving average price is $41.62 and its 200 day moving average price is $42.30.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 the consensus estimate of $5.71 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Amcor's revenue for the quarter was up 77.4% on a year-over-year basis. On average, sell-side analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.7%. Amcor's dividend payout ratio is 181.82%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.