HB Wealth Management LLC Sells 98,747 Shares of Amcor PLC $AMCR

Key Points

• HB Wealth Management LLC cut its Amcor stake by 78.5% in the first quarter, selling 98,747 shares and leaving it with 27,032 shares valued at about $1.075 million.
• Amcor fell 5.7% in trading, with the stock opening at $41.91 and sitting below its 52-week high of $50.94. The company’s market cap is about $19.38 billion.
• Amcor recently reported quarterly EPS of $0.96, matching analyst expectations, while revenue of $5.91 billion beat estimates. The company also paid a quarterly dividend of $0.65, equal to a 6.2% annualized yield.

HB Wealth Management LLC trimmed its stake in Amcor PLC (NYSE:AMCR - Free Report) by 78.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,032 shares of the company's stock after selling 98,747 shares during the period. HB Wealth Management LLC's holdings in Amcor were worth $1,075,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. N.E.W. Advisory Services LLC raised its holdings in Amcor by 10.1% during the 4th 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. CYBER HORNET ETFs LLC lifted its position in Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock worth $37,000 after buying an additional 447 shares during the last quarter. FineMark National Bank & Trust boosted its stake in Amcor by 0.6% during the fourth 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. increased its position in Amcor by 1.6% during the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company's stock valued at $321,000 after acquiring an additional 597 shares during the last quarter. Finally, AdvisorNet Financial Inc bought a new position in Amcor during the first quarter valued at $25,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Stock Down 5.7%

NYSE:AMCR opened at $41.91 on Thursday. The company has a market cap of $19.38 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 1.25 and a beta of 0.62. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a fifty day simple moving average of $40.01 and a 200-day simple moving average of $42.09.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts' consensus estimates of $0.96. The firm had revenue of $5.91 billion for 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%. The business's revenue for the quarter was up 77.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. Analysts anticipate that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Thursday, May 28th. Amcor's dividend payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AMCR shares. 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. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the company an "equal weight" rating in a report on Wednesday, May 20th. Weiss Ratings raised shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Citigroup decreased their price objective 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 started coverage on Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 target price for the company. One investment 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.00.

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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