Frank Rimerman Advisors LLC Lowers Stock Holdings in Amcor PLC $AMCR

Key Points

• Frank Rimerman Advisors LLC cut its Amcor stake sharply in the first quarter, reducing holdings by 81.2% after selling 109,474 shares and ending with 25,324 shares worth about $1.0 million.
• Amcor posted solid quarterly results, with EPS of $0.96 matching estimates and revenue of $5.91 billion beating expectations; analysts now expect full-year EPS of 3.97.
• The company continues to offer a high dividend yield, paying a quarterly dividend of $0.65 for an annualized yield of about 6.1%, though the payout ratio is elevated at 181.82%.

Frank Rimerman Advisors LLC reduced its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 81.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,324 shares of the company's stock after selling 109,474 shares during the period. Frank Rimerman Advisors LLC's holdings in Amcor were worth $1,007,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company's stock worth $2,596,000 after buying an additional 20,757 shares during the period. Focus Partners Wealth grew its stake in Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company's stock valued at $418,000 after acquiring an additional 4,396 shares during the period. Sivia Capital Partners LLC acquired a new stake in Amcor in the 2nd quarter valued at $138,000. Arrowstreet Capital Limited Partnership purchased a new stake in Amcor in the 2nd quarter worth $6,426,000. Finally, CW Advisors LLC purchased a new stake in Amcor in the 2nd quarter worth $228,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Price Performance

Shares of NYSE AMCR opened at $42.71 on Friday. The firm has a 50-day simple moving average of $40.10 and a 200-day simple moving average of $42.10. The stock has a market capitalization of $19.75 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 1.18 and a beta of 0.62. 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 52 week low of $36.25 and a 52 week high of $50.94.

Amcor (NYSE:AMCR - Get Free Report) last announced 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. The company had revenue of $5.91 billion during 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%. Amcor's revenue was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. On average, equities analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's dividend payout ratio (DPR) is currently 181.82%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Weiss Ratings upgraded shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Truist Financial reiterated a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price target for the company. 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. Finally, JPMorgan Chase & Co. lowered their price objective on Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Amcor currently has an average rating of "Moderate Buy" and an average price target of $48.00.

Amcor 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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