First Citizens Bank & Trust Co. Lowers Position in Amcor PLC $AMCR

Key Points

• First Citizens Bank & Trust Co. sharply reduced its Amcor stake by 73.7% in the first quarter, selling more than 1.07 million shares and leaving it with 383,195 shares worth about $15.2 million.
• Amcor reported quarterly earnings and revenue that met or topped expectations, posting $0.96 EPS on $5.91 billion in revenue, while analysts now expect full-year EPS of 3.97.
• The company continues to offer a high dividend yield, with a recent quarterly payout of $0.65 per share and an annualized yield of 6.0%, though its payout ratio is elevated at 181.82%.

First Citizens Bank & Trust Co. cut its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 73.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 383,195 shares of the company's stock after selling 1,076,398 shares during the period. First Citizens Bank & Trust Co. owned about 0.08% of Amcor worth $15,232,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. XY Capital Ltd purchased a new stake in shares of Amcor in the first quarter valued at about $4,532,000. ABN Amro Investment Solutions purchased a new position in Amcor during the first quarter worth about $614,000. Oslo Pensjonsforsikring AS bought a new stake in Amcor in the 1st quarter worth about $205,000. Summit Global Investments bought a new stake in Amcor in the 1st quarter worth about $242,000. Finally, Parallel Advisors LLC bought a new stake in Amcor in the 1st quarter worth about $183,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Up 0.6%

Amcor stock opened at $43.48 on Wednesday. The firm has a 50 day moving average price of $40.79 and a 200-day moving average price of $42.20. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a market capitalization of $20.10 billion, a P/E ratio of 30.41, a P/E/G ratio of 1.36 and a beta of 0.62.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS 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 for the quarter, compared to analysts' expectations of $5.71 billion. During the same quarter in the previous year, the firm posted $0.90 EPS. Amcor's revenue was up 77.4% on a year-over-year basis. As a group, equities analysts predict that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.0%. Amcor's payout ratio is presently 181.82%.

Analyst Upgrades and Downgrades

AMCR has been the topic of several recent analyst reports. Jefferies Financial Group set a $44.92 target price on shares of Amcor in a research report on Tuesday. JPMorgan Chase & Co. reduced their target price on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Truist Financial reaffirmed 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. BMO Capital Markets assumed coverage on Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price target for the company. Finally, Weiss Ratings upgraded Amcor from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.08.

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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