Sterling Capital Management LLC Decreases Stock Holdings in Amcor PLC $AMCR

Sterling Capital Management LLC lowered its holdings in Amcor PLC (NYSE:AMCR) by 88.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,539 shares of the company’s stock after selling 121,103 shares during the period. Sterling Capital Management LLC’s holdings in Amcor were worth $618,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after purchasing an additional 20,757 shares in the last quarter. Focus Partners Wealth lifted its stake in shares of Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after purchasing an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Amcor during the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Amcor in the second quarter worth about $6,426,000. Finally, CW Advisors LLC purchased a new stake in shares of Amcor in the second quarter worth about $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Trading Up 0.7%

NYSE:AMCR opened at $43.64 on Thursday. The firm has a market capitalization of $20.18 billion, a P/E ratio of 30.52, a P/E/G ratio of 1.31 and a beta of 0.62. The business has a 50 day simple moving average of $39.57 and a 200 day simple moving average of $42.00. 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 PLC has a 12-month low of $36.25 and a 12-month high of $50.94.

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

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.0%. Amcor’s dividend payout ratio is 181.82%.

Analysts Set New Price Targets

AMCR has been the topic of several analyst reports. 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 report on Thursday, May 7th. Truist Financial restated a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Amcor 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.