Amcor PLC $AMCR Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its holdings in shares of Amcor PLC (NYSE:AMCR) by 43.1% during the 1st quarter, HoldingsChannel reports. The firm owned 249,978 shares of the company’s stock after selling 189,462 shares during the period. Edgestream Partners L.P.’s holdings in Amcor were worth $9,937,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Capital International Investors purchased a new position in shares of Amcor during the fourth quarter worth about $354,227,000. Norges Bank acquired a new stake in Amcor during the 4th quarter worth approximately $308,724,000. AQR Capital Management LLC lifted its position in Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock worth $147,184,000 after acquiring an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Amcor in the 4th quarter valued at approximately $103,713,000. Finally, Invesco Ltd. increased its holdings in shares of Amcor by 29.9% in the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock valued at $385,373,000 after purchasing an additional 10,846,351 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AMCR shares. Citigroup decreased their price target on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. Truist Financial restated 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. Bank of America boosted their price target on shares of Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. 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, JPMorgan Chase & Co. dropped their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. One 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.com, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.08.

Amcor Stock Performance

Shares of AMCR opened at $45.87 on Thursday. The company has a 50-day simple moving average of $41.62 and a 200-day simple moving average of $42.30. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $21.21 billion, a PE ratio of 32.08, a P/E/G ratio of 1.46 and a beta of 0.62. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm’s revenue was up 77.4% on a year-over-year basis. Equities research analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 5.7%. Amcor’s payout ratio is 181.82%.

Amcor Company 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.