Lifeworks Advisors LLC Sells 478,635 Shares of Amcor PLC $AMCR

Key Points

• Lifeworks Advisors LLC cut its Amcor stake by 83.2% in the first quarter, selling 478,635 shares and leaving it with 96,795 shares worth about $3.85 million.
• Amcor has seen mixed but generally positive analyst sentiment: several firms lowered price targets, but the stock still carries a Moderate Buy consensus with an average target price of $48.00.
• The company recently reported quarterly EPS of $0.96, matching expectations, while revenue of $5.91 billion came in above estimates; Amcor also paid a $0.65 quarterly dividend, implying a 6.0% yield.

Lifeworks Advisors LLC lessened its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 83.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 96,795 shares of the company's stock after selling 478,635 shares during the period. Lifeworks Advisors LLC's holdings in Amcor were worth $3,848,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of AMCR. Hsbc Holdings PLC raised its position in Amcor by 1,620.5% during the 1st quarter. Hsbc Holdings PLC now owns 672,649 shares of the company's stock worth $26,592,000 after purchasing an additional 633,554 shares during the last quarter. Ibex Wealth Advisors bought a new stake in shares of Amcor in the 1st quarter valued at about $6,732,000. Greenwood Capital Associates LLC bought a new stake in shares of Amcor in the 1st quarter valued at about $1,197,000. American Capital Advisory LLC acquired a new stake in shares of Amcor in the first quarter valued at about $44,000. Finally, Ascentis Independent Advisors acquired a new stake in shares of Amcor in the first quarter valued at about $85,000. Institutional investors own 45.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AMCR. Citigroup cut their price objective on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. decreased their target price on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Truist Financial restated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company set a $41.00 price objective on shares of Amcor and gave the company an "equal weight" rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $48.00.

Amcor Stock Down 0.0%

Shares of Amcor stock opened at $43.18 on Monday. The stock's 50-day moving average is $40.21 and its 200 day moving average is $42.11. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The firm has a market cap of $19.96 billion, a price-to-earnings ratio of 30.19, a PEG ratio of 1.22 and a beta of 0.62. 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 issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company's revenue was up 77.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. Equities research analysts anticipate that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.0%. Amcor's payout ratio is currently 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.

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