XY Capital Ltd Reduces Position in Amcor PLC $AMCR

Key Points

• XY Capital Ltd cut its Amcor position by 62% in the second quarter, selling 70,696 shares and retaining 43,328 shares valued at approximately $1.88 million. Institutional investors collectively own 45.14% of Amcor.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $49.49, above the reported $45.17 share price.
• Amcor exceeded quarterly expectations, reporting $1.23 in EPS and $6.40 billion in revenue, while declaring a quarterly dividend of $0.65—an annualized yield of about 5.8%.

XY Capital Ltd decreased its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 62.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 43,328 shares of the company's stock after selling 70,696 shares during the quarter. Amcor accounts for about 1.8% of XY Capital Ltd's investment portfolio, making the stock its 15th biggest position. XY Capital Ltd's holdings in Amcor were worth $1,878,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of AMCR. AdvisorNet Financial Inc purchased a new position in Amcor during the 1st quarter valued at $25,000. Bangor Savings Bank bought a new position in Amcor in the 2nd quarter valued at $26,000. Western Wealth Management LLC purchased a new stake in Amcor in the first quarter worth $27,000. DV Equities LLC purchased a new stake in Amcor in the fourth quarter worth $27,000. Finally, Larson Financial Group LLC lifted its position in shares of Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock worth $33,000 after purchasing an additional 1,257 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AMCR. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a research note on Friday, August 7th. Truist Financial set a $51.00 price target on shares of Amcor in a research note on Tuesday, August 18th. BMO Capital Markets assumed coverage on shares of Amcor in a report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective for the company. Jefferies Financial Group set a $44.92 price objective on shares of Amcor and gave the company a "hold" rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company upped their target price on shares of Amcor from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.49.

Amcor Trading Down 1.6%

Shares of NYSE AMCR opened at $45.17 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17. The business has a fifty day simple moving average of $45.39 and a two-hundred day simple moving average of $42.62. The firm has a market cap of $20.88 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 2.47 and a beta of 0.60. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 15.92% and a net margin of 4.71%.The business's revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 EPS. Analysts expect that Amcor PLC will post 1.84 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, September 4th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Friday, September 4th. Amcor's payout ratio is presently 110.17%.

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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