New York State Teachers Retirement System Reduces Position in Amcor PLC $AMCR

New York State Teachers Retirement System trimmed its holdings in Amcor PLC (NYSE:AMCR) by 79.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 330,652 shares of the company’s stock after selling 1,278,111 shares during the quarter. New York State Teachers Retirement System’s holdings in Amcor were worth $13,143,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AMCR. Capital International Investors purchased a new stake in Amcor during the 4th quarter valued at about $354,227,000. Norges Bank purchased a new position in Amcor in the 4th quarter worth approximately $308,724,000. AQR Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 12,803,785 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Amcor during the 4th quarter worth approximately $103,713,000. Finally, Invesco Ltd. grew its position 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 in the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Truist Financial restated a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price for the company. Finally, Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Amcor Trading Down 0.0%

Shares of AMCR stock opened at $44.98 on Monday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The firm has a market cap of $20.80 billion, a PE ratio of 31.46, a price-to-earnings-growth ratio of 1.27 and a beta of 0.62. The company has a 50-day moving average of $39.75 and a two-hundred day moving average of $42.05. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94.

Amcor (NYSE:AMCR) last released its quarterly 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 the consensus estimate of $5.71 billion. During the same period in the previous year, the firm earned $0.90 EPS. The business’s revenue was up 77.4% on a year-over-year basis. On average, 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 of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 5.8%. Amcor’s payout ratio is presently 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.