Hartford Funds Management Co LLC Sells 69,402 Shares of Amcor PLC $AMCR

Key Points

• Hartford Funds Management Co LLC cut its Amcor stake by 80.4% in the first quarter, selling 69,402 shares and leaving it with 16,947 shares worth about $674,000.
• Amcor recently reported quarterly earnings of $0.96 per share, matching analyst expectations, while revenue of $5.91 billion came in above estimates. The company also said revenue rose sharply year over year.
• The stock was trading around $42.44, and analysts currently have a Moderate Buy consensus with an average price target of $48.00. Amcor also pays a quarterly dividend of $0.65, implying a 6.1% annual yield.

Hartford Funds Management Co LLC lowered its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 80.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,947 shares of the company's stock after selling 69,402 shares during the quarter. Hartford Funds Management Co LLC's holdings in Amcor were worth $674,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of AMCR. 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 purchasing an additional 373 shares in the last quarter. CYBER HORNET ETFs LLC increased its position in shares of Amcor by 11.1% in the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock valued at $37,000 after buying an additional 447 shares in the last quarter. FineMark National Bank & Trust raised its stake in Amcor by 0.6% during the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company's stock worth $671,000 after buying an additional 503 shares during the period. United Asset Strategies Inc. raised its stake 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 buying an additional 597 shares during the period. Finally, AdvisorNet Financial Inc bought a new position in Amcor during the first quarter worth about $25,000. Institutional investors own 45.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AMCR. Truist Financial reissued a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Citigroup cut their price objective on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research note on Wednesday, April 1st. They set a "buy" rating and a $50.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Amcor has an average rating of "Moderate Buy" and a consensus price target of $48.00.

Amcor Stock Down 1.7%

Shares of Amcor stock opened at $42.44 on Tuesday. The firm has a market cap of $19.62 billion, a PE ratio of 29.68, a P/E/G ratio of 1.22 and a beta of 0.62. The business's 50 day simple moving average is $40.30 and its 200 day simple moving average is $42.12. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. 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 released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting analysts' consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. The business's revenue was up 77.4% on a year-over-year basis. On average, analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business 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. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. Amcor's dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding AMCR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amcor PLC (NYSE:AMCR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.