SageGuard Financial Group LLC Reduces Stock Position in Amcor PLC $AMCR

Key Points

• SageGuard Financial Group LLC cut its Amcor stake by 75.8% in the first quarter, selling 33,293 shares and leaving it with 10,610 shares valued at about $422,000.
• Analysts remain broadly positive on Amcor (NYSE: AMCR), with a consensus rating of “Moderate Buy” and an average price target of $49.33, though some firms have recently lowered their targets.
• Amcor reported Q2 earnings of $0.96 per share, matching estimates, while revenue of $5.91 billion beat expectations; the company also paid a quarterly dividend of $0.65, implying a 6.0% annualized yield.

SageGuard Financial Group LLC lessened its position in Amcor PLC (NYSE:AMCR - Free Report) by 75.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,610 shares of the company's stock after selling 33,293 shares during the period. SageGuard Financial Group LLC's holdings in Amcor were worth $422,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

AMCR has been the subject of several recent research reports. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. Truist Financial reaffirmed a "buy" rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a research note on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price target for the company. Citigroup lowered their price target on shares of Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. cut 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. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.33.

Amcor Price Performance

Shares of NYSE:AMCR opened at $43.11 on Monday. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The business has a 50-day simple moving average of $39.45 and a two-hundred day simple moving average of $41.95. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The firm has a market cap of $19.93 billion, a price-to-earnings ratio of 30.15, a price-to-earnings-growth ratio of 1.30 and a beta of 0.64.

Amcor (NYSE:AMCR - Get Free Report) last posted its 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. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business had revenue of $5.91 billion for the quarter, compared to analysts' expectations of $5.71 billion. During the same quarter in the prior year, the business earned $0.90 EPS. The business's revenue for the quarter was up 77.4% compared to the same quarter last year. On average, analysts expect that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Announces Dividend

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

Want to see what other hedge funds are holding AMCR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amcor PLC (NYSE:AMCR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.