Northeast Investment Management Sells 11,000 Shares of Amcor plc (NYSE:AMCR)

Northeast Investment Management trimmed its holdings in Amcor plc (NYSE:AMCR) by 3.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,850 shares of the company’s stock after selling 11,000 shares during the quarter. Northeast Investment Management’s holdings in Amcor were worth $2,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of AMCR. Teacher Retirement System of Texas lifted its holdings in Amcor by 173.4% during the fourth quarter. Teacher Retirement System of Texas now owns 311,839 shares of the company’s stock valued at $3,006,000 after purchasing an additional 197,760 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Amcor by 40.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company’s stock valued at $7,069,000 after purchasing an additional 214,458 shares during the period. Empowered Funds LLC lifted its stake in Amcor by 244.2% in the first quarter. Empowered Funds LLC now owns 103,655 shares of the company’s stock worth $986,000 after acquiring an additional 73,541 shares during the period. M&G Plc lifted its stake in Amcor by 2,741.7% in the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock worth $471,644,000 after acquiring an additional 45,504,608 shares during the period. Finally, CHURCHILL MANAGEMENT Corp lifted its stake in Amcor by 60.0% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 601,225 shares of the company’s stock worth $5,718,000 after acquiring an additional 225,441 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Robert W. Baird boosted their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Wells Fargo & Company upped their price objective on Amcor from $9.80 to $10.50 and gave the stock an “equal weight” rating in a research report on Friday, August 16th. Citigroup increased their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Stifel Nicolaus started coverage on Amcor in a research report on Tuesday, July 9th. They set a “hold” rating and a $10.80 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.73.

Amcor Price Performance

NYSE AMCR traded up $0.08 during mid-day trading on Wednesday, hitting $11.24. The stock had a trading volume of 4,664,612 shares, compared to its average volume of 9,218,081. The firm’s 50 day moving average is $10.24 and its 200 day moving average is $9.77. Amcor plc has a twelve month low of $8.45 and a twelve month high of $11.30. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.29 and a quick ratio of 0.75. The stock has a market capitalization of $16.25 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 4.64 and a beta of 0.86.

Amcor (NYSE:AMCR) last issued its earnings results on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The business had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same period last year, the company earned $0.19 EPS. Equities research analysts forecast that Amcor plc will post 0.7 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date of this dividend is Thursday, September 5th. Amcor’s dividend payout ratio (DPR) is 111.11%.

Amcor Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.