Principal Financial Group Inc. Has $24.74 Million Stake in Amcor PLC $AMCR

Principal Financial Group Inc. trimmed its stake in Amcor PLC (NYSE:AMCR) by 79.2% in the first quarter, Holdings Channel.com reports. The firm owned 622,490 shares of the company’s stock after selling 2,366,704 shares during the quarter. Principal Financial Group Inc.’s holdings in Amcor were worth $24,744,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AMCR. N.E.W. Advisory Services LLC grew its position in Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after purchasing an additional 373 shares in the last quarter. CYBER HORNET ETFs LLC lifted its position in Amcor by 11.1% in the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after buying an additional 447 shares in the last quarter. FineMark National Bank & Trust boosted its stake in shares of Amcor by 0.6% during the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock valued at $671,000 after buying an additional 503 shares during the period. United Asset Strategies Inc. boosted its stake in shares of Amcor by 1.6% during the 4th quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock valued at $321,000 after buying an additional 597 shares during the period. Finally, AdvisorNet Financial Inc purchased a new position in shares of Amcor during the 1st quarter valued at $25,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Stock Down 1.6%

NYSE AMCR opened at $43.22 on Tuesday. The stock’s 50 day simple moving average is $40.71 and its 200 day simple moving average is $42.19. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The firm has a market cap of $19.98 billion, a PE ratio of 30.22, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. 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 quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm’s revenue was up 77.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. As a group, sell-side analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AMCR. JPMorgan Chase & Co. dropped their price target on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price on the stock. Citigroup dropped their target price on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. BMO Capital Markets initiated coverage on Amcor in a research note on Thursday. They set a “market perform” rating and a $47.00 price target for the company. Finally, Bank of America boosted their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. 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 stock. According to data from MarketBeat.com, Amcor currently has an average rating of “Moderate Buy” and an average target price of $48.40.

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.