First Horizon Corp Sells 358,015 Shares of Amcor PLC $AMCR

Key Points

• First Horizon Corp sharply reduced its Amcor stake in the first quarter, selling 358,015 shares and cutting its holdings by 67.8% to 170,052 shares valued at about $6.76 million.
• Analyst sentiment on Amcor remains mixed but generally positive, with a Moderate Buy consensus and a median price target of $48, though several firms recently lowered their targets.
• Amcor reported quarterly earnings that met expectations at $0.96 per share, while revenue of $5.91 billion beat estimates; the company also paid a 6.1% annualized dividend.

First Horizon Corp cut its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 67.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 170,052 shares of the company's stock after selling 358,015 shares during the quarter. First Horizon Corp's holdings in Amcor were worth $6,760,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. AdvisorNet Financial Inc bought a new position in Amcor in the 1st quarter worth approximately $25,000. DV Equities LLC bought a new stake in shares of Amcor during the fourth quarter valued at approximately $27,000. Brown Lisle Cummings Inc. lifted its holdings in shares of Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company's stock worth $29,000 after buying an additional 2,000 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Amcor by 46.1% in the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock worth $33,000 after buying an additional 1,257 shares in the last quarter. Finally, N.E.W. Advisory Services LLC boosted its position in shares of Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock worth $34,000 after acquiring an additional 373 shares during the last quarter. Institutional investors own 45.14% of the company's stock.

Analysts Set New Price Targets

AMCR has been the topic of a number of research reports. JPMorgan Chase & Co. reduced their price target on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. Weiss Ratings upgraded Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the company an "equal weight" rating in a research note on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price objective for the company. Finally, Citigroup reduced their target price on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.00.

Amcor Stock Up 1.8%

NYSE:AMCR opened at $42.71 on Friday. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The company has a 50-day moving average of $40.10 and a 200 day moving average of $42.10. The firm has a market cap of $19.75 billion, a PE ratio of 29.87, a price-to-earnings-growth ratio of 1.18 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.

Amcor (NYSE:AMCR - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting analysts' consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the firm posted $0.90 EPS. The company's revenue for the quarter was up 77.4% on a year-over-year basis. As a group, research analysts anticipate that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid 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 yield of 6.1%. Amcor's payout ratio is 181.82%.

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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