Morningstar Investment Management LLC Sells 354,585 Shares of Amcor PLC $AMCR

Key Points

• Morningstar Investment Management sharply reduced its Amcor stake by 78.9% in the first quarter, selling 354,585 shares and leaving it with 94,872 shares worth about $3.77 million.
• Analysts remain generally positive on Amcor, with a Moderate Buy consensus rating and an average price target of $48.08, though some firms have recently lowered their targets.
• Amcor shares were trading around $44.60 after a recent gain, and the company reported quarterly earnings that met EPS expectations while revenue came in above estimates; it also pays a quarterly dividend yielding about 5.8%.

Morningstar Investment Management LLC cut its stake in Amcor PLC (NYSE:AMCR - Free Report) by 78.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,872 shares of the company's stock after selling 354,585 shares during the quarter. Morningstar Investment Management LLC's holdings in Amcor were worth $3,771,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. N.E.W. Advisory Services LLC boosted its position in Amcor by 10.1% during the fourth 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. CYBER HORNET ETFs LLC grew its stake in Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock valued at $37,000 after purchasing an additional 447 shares during the last quarter. FineMark National Bank & Trust raised its holdings in Amcor by 0.6% in the fourth quarter. FineMark National Bank & Trust now owns 80,503 shares of the company's stock worth $671,000 after purchasing an additional 503 shares in the last quarter. United Asset Strategies Inc. raised its holdings in Amcor by 1.6% in the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company's stock worth $321,000 after purchasing an additional 597 shares in the last quarter. Finally, AdvisorNet Financial Inc purchased a new stake in shares of Amcor during the first quarter valued at about $25,000. 45.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AMCR shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Amcor in a report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price target on the stock. Bank of America boosted their price objective on shares of Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Citigroup lowered their target price 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. BMO Capital Markets started coverage on shares of Amcor in a report on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price target 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 equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.08.

Amcor Trading Up 4.6%

Shares of NYSE:AMCR opened at $44.60 on Friday. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The business has a 50-day moving average price of $41.11 and a 200-day moving average price of $42.23. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 1.34 and a beta of 0.62.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $5.91 billion during 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 quarterly revenue was up 77.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 EPS. Equities analysts predict that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The firm also recently announced 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. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 5.8%. 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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