Fifth Third Bancorp Sells 71,371 Shares of Amcor PLC $AMCR

Key Points

• Fifth Third Bancorp reduced its Amcor stake by 79.9%, selling 71,371 shares in the first quarter and retaining 18,009 shares valued at approximately $716,000.
• Amcor reported quarterly earnings of $0.96 per share, in line with estimates, while revenue rose 77.4% year over year to $5.91 billion.
• Amcor pays a quarterly dividend of $0.65 per share, equivalent to a 5.7% annualized yield, and analysts maintain a consensus “Moderate Buy” rating with an average price target of $48.08.

Fifth Third Bancorp cut its stake in Amcor PLC (NYSE:AMCR - Free Report) by 79.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,009 shares of the company's stock after selling 71,371 shares during the quarter. Fifth Third Bancorp's holdings in Amcor were worth $716,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp boosted its stake in Amcor by 1.7% in the 4th quarter. State Street Corp now owns 141,509,581 shares of the company's stock worth $1,180,190,000 after purchasing an additional 2,432,340 shares during the period. M&G PLC lifted its holdings in shares of Amcor by 6.1% in the fourth quarter. M&G PLC now owns 114,989,595 shares of the company's stock worth $919,917,000 after buying an additional 6,655,611 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Amcor by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company's stock valued at $945,222,000 after acquiring an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Amcor by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company's stock valued at $701,356,000 after acquiring an additional 2,036,667 shares during the period. Finally, Geode Capital Management LLC grew its stake in Amcor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company's stock valued at $533,487,000 after acquiring an additional 262,418 shares in the last quarter. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Performance

NYSE:AMCR opened at $45.27 on Tuesday. The company has a market capitalization of $20.93 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 1.40 and a beta of 0.62. The business has a 50 day moving average of $41.27 and a 200 day moving average of $42.25. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94.

Amcor (NYSE:AMCR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting analysts' consensus estimates 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 net margin of 3.06% and a return on equity of 14.55%. The business's quarterly revenue was up 77.4% on a year-over-year basis. During the same period last year, the business earned $0.90 earnings per share. On average, sell-side analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 5.7%. Amcor's dividend payout ratio (DPR) is currently 181.82%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Jefferies Financial Group set a $44.92 target price on shares of Amcor and gave the stock a "hold" rating in a report on Tuesday, July 21st. Truist Financial restated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research note on Wednesday, April 1st. They issued a "buy" rating and a $50.00 target price on the stock. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Finally, Citigroup dropped their price target on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.08.

About Amcor

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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