United Asset Strategies Inc. Reduces Position in Amcor PLC $AMCR

United Asset Strategies Inc. trimmed its position in shares of Amcor PLC (NYSE:AMCR) by 78.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,316 shares of the company’s stock after selling 30,137 shares during the period. United Asset Strategies Inc.’s holdings in Amcor were worth $331,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMCR. Ascentis Independent Advisors bought a new stake in Amcor in the first quarter worth about $85,000. Revisor Wealth Management LLC purchased a new stake in shares of Amcor in the first quarter worth approximately $345,000. Hudson Edge Investment Partners Inc. bought a new stake in shares of Amcor during the 1st quarter worth approximately $4,712,000. World Investment Advisors bought a new stake in shares of Amcor during the 1st quarter worth approximately $238,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in Amcor during the 1st quarter valued at $3,653,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Down 0.3%

NYSE:AMCR opened at $44.46 on Wednesday. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The stock has a market capitalization of $20.56 billion, a P/E ratio of 31.09, a P/E/G ratio of 1.26 and a beta of 0.62. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The company’s 50-day simple moving average is $39.96 and its 200-day simple moving average is $42.09.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the previous year, the business posted $0.90 EPS. Amcor’s revenue was up 77.4% on a year-over-year basis. On average, equities analysts anticipate 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. Shareholders 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%.

Wall Street Analyst Weigh In

AMCR has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. cut their price target on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Truist Financial reaffirmed a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Finally, Wells Fargo & Company set a $41.00 price objective on shares of Amcor and gave the company an “equal weight” rating in a report on Wednesday, May 20th. One equities research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.00.

About Amcor

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.