PNC Financial Services Group Inc. Sells 398,203 Shares of Amcor PLC $AMCR

Key Points

• PNC Financial Services cut its Amcor stake by 79.3% in the first quarter, selling 398,203 shares and retaining 104,164 shares valued at approximately $4.14 million.
• Analyst sentiment remains broadly positive, with Amcor holding a “Moderate Buy” consensus rating and an average price target of $48.08, compared with a recent trading price of $45.27.
• Amcor reported quarterly revenue of $5.91 billion, up 77.4% year over year, while matching earnings expectations at $0.96 per share. The company also pays a quarterly dividend of $0.65 per share, representing a 5.7% annualized yield.

PNC Financial Services Group Inc. reduced its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 79.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,164 shares of the company's stock after selling 398,203 shares during the period. PNC Financial Services Group Inc.'s holdings in Amcor were worth $4,141,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMCR shares. BMO Capital Markets began coverage on Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective 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. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the stock an "equal weight" rating in a research report on Wednesday, July 15th. Finally, Truist Financial reiterated a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor 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 assigned a Hold rating to the stock. According to data from MarketBeat, Amcor currently has a consensus rating of "Moderate Buy" and an average target price of $48.08.

Amcor Trading Up 1.6%

NYSE:AMCR opened at $45.27 on Tuesday. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The stock's fifty day moving average price is $41.27 and its two-hundred day moving average price is $42.25. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The company has a market cap of $20.93 billion, a P/E ratio of 31.66, a P/E/G ratio of 1.40 and a beta of 0.62.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting 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 analysts' expectations of $5.71 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The firm's quarterly revenue was up 77.4% compared to the same quarter last year. As a group, analysts expect that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor's payout ratio is presently 181.82%.

Amcor 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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