Gabelli Funds LLC Sells 141,903 Shares of Amcor PLC $AMCR

Key Points

• Gabelli Funds reduced its Amcor position by 76.4%, selling 141,903 shares and retaining 43,753 shares valued at approximately $1.74 million. Institutional investors collectively own 45.14% of Amcor.
• Analysts maintain a generally positive outlook, with Amcor receiving a “Moderate Buy” consensus rating and an average price target of $48.08. Recent targets range from $43.00 to $51.00.
• Amcor reported quarterly revenue of $5.91 billion, up 77.4% year over year, while matching the consensus EPS estimate of $0.96. The company also announced a quarterly dividend of $0.65, implying a 5.7% annualized yield.

Gabelli Funds LLC lessened its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 76.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,753 shares of the company's stock after selling 141,903 shares during the period. Gabelli Funds LLC's holdings in Amcor were worth $1,739,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. AdvisorNet Financial Inc purchased a new position in shares of Amcor during the 1st quarter valued at $25,000. DV Equities LLC purchased a new stake in shares of Amcor in the fourth quarter worth $27,000. Brown Lisle Cummings Inc. raised its position 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 boosted its stake in Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock valued at $33,000 after buying an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC boosted its stake in Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock valued at $34,000 after buying an additional 373 shares during the period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMCR has been the subject of several recent analyst reports. Jefferies Financial Group set a $44.92 target price on Amcor and gave the stock a "hold" rating in a research report on Tuesday, July 21st. Wells Fargo & Company set a $43.00 price target on Amcor and gave the company an "equal weight" rating in a report on Wednesday, July 15th. Truist Financial reiterated 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 started coverage on Amcor in a report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.08.

Amcor Stock Performance

NYSE AMCR opened at $45.87 on Thursday. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The company has a market capitalization of $21.21 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.46 and a beta of 0.62. The company has a fifty day moving average of $41.62 and a 200-day moving average of $42.30.

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

Amcor Dividend Announcement

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