Amcor PLC $AMCR Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. reduced its stake in Amcor PLC (NYSE:AMCR) by 77.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,539 shares of the company’s stock after selling 56,471 shares during the quarter. Essex Financial Services Inc.’s holdings in Amcor were worth $657,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on AMCR shares. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company set a $41.00 target price on Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price on the stock. Citigroup reduced their price target on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Truist Financial reissued 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. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Amcor has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Amcor Trading Down 0.0%

NYSE:AMCR opened at $44.98 on Friday. The stock has a fifty day simple moving average of $39.75 and a 200 day simple moving average of $42.04. The firm has a market capitalization of $20.80 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.27 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 quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

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

Amcor Announces Dividend

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

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.