Swedbank AB Sells 34,175 Shares of Amcor PLC $AMCR

Key Points

• Swedbank AB sharply reduced its Amcor stake, selling 34,175 shares in the first quarter and cutting its holdings by 80% to 8,543 shares worth about $340,000.
• Amcor’s latest results were in line with expectations, reporting adjusted EPS of $0.96 and revenue of $5.91 billion, both meeting or beating estimates, while analysts still expect full-year EPS of 3.97.
• The company continues to offer a sizable dividend, paying a quarterly dividend of $0.65 per share, which annualizes to $2.60 and implies a 6.0% yield.

Swedbank AB decreased its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 80.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,543 shares of the company's stock after selling 34,175 shares during the quarter. Swedbank AB's holdings in Amcor were worth $340,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. AdvisorNet Financial Inc bought a new stake in Amcor in the first quarter worth $25,000. Root Financial Partners LLC acquired a new position in Amcor during the first quarter worth $41,000. CENTRAL TRUST Co bought a new position in Amcor during the first quarter valued at about $49,000. Ascentis Independent Advisors bought a new position in Amcor during the first quarter valued at about $85,000. Finally, DV Equities LLC acquired a new stake in shares of Amcor in the fourth quarter worth about $27,000. Institutional investors own 45.14% of the company's stock.

Amcor Stock Performance

NYSE:AMCR traded up $0.48 during mid-day trading on Friday, hitting $43.18. 2,267,386 shares of the company's stock traded hands, compared to its average volume of 3,111,503. The firm has a market capitalization of $19.96 billion, a price-to-earnings ratio of 30.19, a price-to-earnings-growth ratio of 1.22 and a beta of 0.62. The firm has a 50 day moving average of $40.21 and a two-hundred day moving average of $42.11. 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 issued 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 return on equity of 14.55% and a net margin of 3.06%.The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the business posted $0.90 EPS. The company's revenue for the quarter was up 77.4% on a year-over-year basis. On average, equities analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal 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 given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.0%. Amcor's payout ratio is 181.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AMCR shares. 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 on the stock. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an "equal weight" rating in a report on Wednesday, May 20th. Truist Financial reissued a "buy" rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Thursday, May 7th. One investment 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. Based on data from MarketBeat.com, Amcor presently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

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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