Gamco Investors INC. ET AL Sells 518,006 Shares of Amcor PLC $AMCR

Key Points

• Gamco Investors cut its Amcor stake by 80% in the first quarter, selling 518,006 shares and retaining 129,474 shares valued at approximately $5.15 million.
• Amcor reported quarterly earnings of $0.96 per share, matching estimates, while revenue rose 77.4% year over year to $5.91 billion. Analysts expect full-year EPS of $3.97.
• Amcor declared a quarterly dividend of $0.65 per share, equivalent to an annualized $2.60 payout and a 5.8% yield; analysts maintain a “Moderate Buy” consensus with a $48.08 target price.

Gamco Investors INC. ET AL decreased its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 80.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 129,474 shares of the company's stock after selling 518,006 shares during the quarter. Gamco Investors INC. ET AL's holdings in Amcor were worth $5,147,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company's stock valued at $2,596,000 after purchasing an additional 20,757 shares in the last quarter. Focus Partners Wealth lifted 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 purchasing an additional 4,396 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Amcor in the 2nd quarter valued at $138,000. Arrowstreet Capital Limited Partnership bought a new position in Amcor in the second quarter valued at about $6,426,000. Finally, CW Advisors LLC bought a new position in Amcor in the 2nd quarter valued at approximately $228,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Stock Up 0.1%

Shares of NYSE AMCR opened at $44.60 on Monday. The stock has a market capitalization of $20.62 billion, a P/E ratio of 31.19, a PEG ratio of 1.40 and a beta of 0.62. The firm's 50 day simple moving average is $41.11 and its two-hundred day simple moving average is $42.23. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. 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 quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share 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 business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm's revenue for the quarter was up 77.4% on a year-over-year basis. As a group, analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Thursday, May 28th. Amcor's dividend payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Citigroup cut their target price on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Bank of America boosted their target price on shares of Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Wells Fargo & Company set a $43.00 price objective on shares of Amcor and gave the company an "equal weight" rating in a research note on Wednesday, July 15th. Truist Financial restated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. lowered their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Amcor presently 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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