NewEdge Advisors LLC Cuts Holdings in Amcor PLC $AMCR

Key Points

• NewEdge Advisors cut its Amcor position by 53.7% in the first quarter, selling 59,707 shares and retaining 51,480 shares valued at approximately $2.05 million. Institutional investors collectively own 45.14% of the stock.
• Amcor reported quarterly results above expectations, with EPS of $1.23 versus the $1.19 consensus and revenue of $6.40 billion versus $6.05 billion expected; revenue rose 25.9% year over year.
• The company declared a quarterly dividend of $0.65 per share, or $2.60 annualized, representing a yield of about 5.6%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $49.24.

NewEdge Advisors LLC trimmed its position in Amcor PLC (NYSE:AMCR - Free Report) by 53.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,480 shares of the company's stock after selling 59,707 shares during the quarter. NewEdge Advisors LLC's holdings in Amcor were worth $2,046,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMCR. State Street Corp boosted its stake in Amcor by 1.7% during the fourth quarter. State Street Corp now owns 141,509,581 shares of the company's stock valued at $1,180,190,000 after buying an additional 2,432,340 shares during the last quarter. M&G PLC increased its stake in Amcor by 6.1% in the 4th quarter. M&G PLC now owns 114,989,595 shares of the company's stock worth $919,917,000 after acquiring an additional 6,655,611 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Amcor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company's stock worth $945,222,000 after acquiring an additional 1,845,627 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Amcor by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company's stock worth $701,356,000 after acquiring an additional 2,036,667 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Amcor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company's stock valued at $533,487,000 after acquiring an additional 262,418 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Down 0.7%

NYSE AMCR opened at $46.04 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.74 and a debt-to-equity ratio of 1.17. The company has a fifty day moving average of $43.57 and a two-hundred day moving average of $42.62. The firm has a market capitalization of $21.29 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 1.45 and a beta of 0.62. 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 announced its earnings results on Wednesday, August 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.04. The business had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. On average, analysts predict that Amcor PLC will post 4.24 earnings per share for the current year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, September 4th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 5.6%. The ex-dividend date is Friday, September 4th. Amcor's dividend payout ratio is presently 110.17%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Citigroup reissued a "buy" rating and issued a $52.00 target price (up from $47.00) on shares of Amcor in a report on Friday. UBS Group started coverage on shares of Amcor in a research report on Tuesday. They set a "buy" rating and a $56.00 price objective for the company. Bank of America boosted their target price on shares of Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Wells Fargo & Company upped their target price on shares of Amcor from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.24.

More Amcor News

Here are the key news stories impacting Amcor this week:

• Positive Sentiment: Amcor received two AmeriStar packaging awards, highlighting product innovation and design capabilities. The recognition is strategically positive, although it is unlikely to materially affect near-term earnings. Amcor Garners Two AmeriStar Awards
• Positive Sentiment: Management outlined a transition-period adjusted EPS range of $1.80 to $1.90 and is targeting $650 million in synergies over three years. Successful execution could improve margins, cash flow and earnings visibility. Amcor outlines transition-period EPS range and synergies
• Positive Sentiment: Amcor declared a quarterly dividend of $0.65 per share, equivalent to approximately $2.60 annually and a yield near 5.6%. The payout supports the stock’s appeal to income-focused investors, although the ex-dividend date is September 4.
• Positive Sentiment: The latest quarterly results exceeded expectations, with EPS of $1.23 versus the $1.19 consensus and revenue of $6.40 billion versus $6.05 billion expected. Revenue increased 25.9% year over year, providing fundamental support for the shares.
• Neutral Sentiment: RBC Capital assigned a “Hold” rating, while UBS began coverage; neither development signals a strong change in institutional sentiment. RBC Capital gives Amcor a Hold rating
• Negative Sentiment: Wells Fargo raised its price target only to $44 from $43 while maintaining an “Equal Weight” rating. The new target remains below the recent $46.04 reference price, suggesting limited upside and potentially weighing on sentiment.

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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