KBC Group NV Lowers Position in Amcor PLC $AMCR

Key Points

• KBC Group NV sharply cut its Amcor stake in the first quarter, reducing its holdings by 86.9% to 97,121 shares worth about $3.86 million.
• Amcor shares were down 1.2% in Friday trading, while the stock remains within a broader range between a 12-month low of $36.25 and high of $50.94.
• The company recently reported earnings in line with estimates and posted revenue above forecasts, and it continues to draw mostly positive analyst views with an average rating of Moderate Buy and a $48.08 price target.

KBC Group NV trimmed its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 86.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,121 shares of the company's stock after selling 643,742 shares during the quarter. KBC Group NV's holdings in Amcor were worth $3,861,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in AMCR. AdvisorNet Financial Inc acquired a new position in shares of Amcor in the first quarter worth about $25,000. DV Equities LLC purchased a new stake in shares of Amcor during the 4th quarter worth about $27,000. Brown Lisle Cummings Inc. grew its position in shares of Amcor by 137.9% during the 4th quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company's stock valued at $29,000 after acquiring an additional 2,000 shares during the period. Larson Financial Group LLC grew its position in shares of Amcor by 46.1% during the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock valued at $33,000 after acquiring an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC increased its stake in shares of Amcor by 10.1% in the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock valued at $34,000 after purchasing an additional 373 shares in the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Trading Down 1.2%

Shares of Amcor stock opened at $42.68 on Friday. The firm has a market capitalization of $19.73 billion, a PE ratio of 29.84, a P/E/G ratio of 1.36 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 firm's 50-day moving average price is $40.96 and its 200 day moving average price is $42.21. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30.

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, hitting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.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 EPS. Amcor's quarterly revenue was up 77.4% on a year-over-year basis. On average, sell-side analysts predict 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 given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. The ex-dividend date was Thursday, May 28th. Amcor's payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

AMCR has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price target on the stock. Bank of America boosted their price objective on Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Truist Financial reaffirmed a "buy" rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Jefferies Financial Group set a $44.92 target price on Amcor and gave the company a "hold" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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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