Procyon Advisors LLC Decreases Holdings in Amcor PLC $AMCR

Procyon Advisors LLC reduced its stake in Amcor PLC (NYSE:AMCR) by 76.2% in the 1st quarter, Holdings Channel reports. The firm owned 5,683 shares of the company’s stock after selling 18,229 shares during the quarter. Procyon Advisors LLC’s holdings in Amcor were worth $226,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AMCR. Hsbc Holdings PLC boosted its position in shares of Amcor by 1,620.5% in the first quarter. Hsbc Holdings PLC now owns 672,649 shares of the company’s stock worth $26,592,000 after buying an additional 633,554 shares during the period. Ibex Wealth Advisors acquired a new position in Amcor during the 1st quarter worth approximately $6,732,000. Greenwood Capital Associates LLC purchased a new position in Amcor in the 1st quarter worth approximately $1,197,000. American Capital Advisory LLC purchased a new position in Amcor in the 1st quarter worth approximately $44,000. Finally, Ascentis Independent Advisors acquired a new stake in Amcor in the first quarter valued at approximately $85,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Price Performance

Shares of AMCR stock opened at $44.88 on Friday. The firm has a fifty day moving average of $40.57 and a two-hundred day moving average of $42.17. The firm has a market cap of $20.75 billion, a P/E ratio of 31.38, a P/E/G ratio of 1.36 and a beta of 0.62. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95.

Amcor (NYSE:AMCR) last issued its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $5.71 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s payout ratio is currently 181.82%.

Analyst Ratings Changes

AMCR has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Bank of America upped their target price on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company set a $43.00 price target on shares of Amcor and gave the stock an “equal weight” rating in a research note on Wednesday. Truist Financial reiterated a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, BMO Capital Markets initiated coverage on shares of Amcor in a research report on Thursday. They issued a “market perform” rating and a $47.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.40.

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.