Gamco Investors INC. ET AL Cuts Stake in Amcor PLC $AMCR

Key Points

• Gamco Investors reduced its Amcor stake by 6.1% in the fourth quarter, selling 42,057 shares and leaving it with 647,480 shares worth about $5.4 million.
• Several analysts adjusted their views on Amcor, with recent price targets ranging from $44 to $54. The stock now carries a consensus Moderate Buy rating and a consensus target price of $49.56.
• Amcor reported fiscal Q4 EPS of $0.96, matching expectations, while revenue of $5.91 billion topped estimates. The company also announced a quarterly dividend of $0.65 per share, implying a 7.1% annualized yield.

Gamco Investors INC. ET AL cut its stake in Amcor PLC (NYSE:AMCR - Free Report) by 6.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 647,480 shares of the company's stock after selling 42,057 shares during the period. Gamco Investors INC. ET AL owned about 0.14% of Amcor worth $5,400,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. N.E.W. Advisory Services LLC lifted its position in shares of Amcor by 10.1% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock worth $34,000 after purchasing an additional 373 shares during the last quarter. United Asset Strategies Inc. grew its position in Amcor by 1.6% during the 4th quarter. United Asset Strategies Inc. now owns 38,453 shares of the company's stock worth $321,000 after purchasing an additional 597 shares during the last quarter. Shayne & Jacobs LLC raised its stake in Amcor by 0.6% during the 4th quarter. Shayne & Jacobs LLC now owns 129,101 shares of the company's stock valued at $1,077,000 after acquiring an additional 755 shares during the last quarter. Stratos Wealth Partners LTD. grew its position in Amcor by 3.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 26,857 shares of the company's stock valued at $224,000 after buying an additional 832 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in Amcor by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 264,442 shares of the company's stock valued at $2,205,000 after buying an additional 900 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AMCR. Morgan Stanley downgraded Amcor from an "overweight" rating to an "equal weight" rating and set a $46.00 price target on the stock. in a research note on Wednesday, January 28th. Robert W. Baird set a $54.00 price target on shares of Amcor in a report on Wednesday, February 4th. JPMorgan Chase & Co. dropped their price target on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Citigroup lowered their target price on shares of Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.56.

Amcor Price Performance

AMCR stock opened at $36.71 on Wednesday. Amcor PLC has a 52-week low of $36.47 and a 52-week high of $50.94. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $16.97 billion, a PE ratio of 25.67, a P/E/G ratio of 1.13 and a beta of 0.63. The stock's 50 day moving average is $39.83 and its two-hundred day moving average is $42.36.

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

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Thursday, May 28th will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 7.1%. Amcor's dividend payout ratio (DPR) is 181.82%.

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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