Oregon Public Employees Retirement Fund Has $2.10 Million Stock Holdings in Amcor PLC $AMCR

Key Points

• Oregon Public Employees Retirement Fund cut its Amcor position by 80% in the first quarter, selling 211,514 shares and leaving it with 52,928 shares valued at about $2.1 million.
• Amcor recently reported quarterly earnings that matched estimates at $0.96 per share and posted revenue of $5.91 billion, which came in above expectations.
• The company also declared a quarterly dividend of $0.65 per share, implying an annual yield of about 6.0%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $48.00.

Oregon Public Employees Retirement Fund lessened its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 80.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,928 shares of the company's stock after selling 211,514 shares during the period. Oregon Public Employees Retirement Fund's holdings in Amcor were worth $2,104,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital International Investors acquired a new position in Amcor in the fourth quarter valued at about $354,227,000. Norges Bank acquired a new stake in Amcor during the 4th quarter worth approximately $308,724,000. AQR Capital Management LLC increased its holdings in Amcor by 398.6% in the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock valued at $147,184,000 after purchasing an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Amcor during the 4th quarter worth $103,713,000. Finally, Invesco Ltd. lifted its holdings in Amcor by 29.9% during the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock worth $385,373,000 after buying an additional 10,846,351 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Price Performance

Shares of Amcor stock traded up $0.48 during trading on Friday, hitting $43.18. The stock had a trading volume of 2,267,386 shares, compared to its average volume of 3,111,503. The business's 50-day moving average is $40.21 and its 200 day moving average is $42.11. The firm has a market cap of $19.96 billion, a price-to-earnings ratio of 30.19, a P/E/G ratio of 1.22 and a beta of 0.62. 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 PLC has a 12 month low of $36.25 and a 12 month high of $50.94.

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 the consensus estimate of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period last year, the firm posted $0.90 earnings per share. The business's revenue was up 77.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AMCR shares. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Citigroup cut their price target on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Truist Financial reissued a "buy" rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. JPMorgan Chase & Co. lowered their target price on Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Amcor in a report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price objective for the company. 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, Amcor presently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

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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