Resona Asset Management Co. Ltd. Reduces Stake in Amcor PLC $AMCR

Resona Asset Management Co. Ltd. lowered its stake in shares of Amcor PLC (NYSE:AMCR) by 79.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 125,965 shares of the company’s stock after selling 480,127 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Amcor were worth $5,007,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State Street Corp grew its holdings in Amcor by 1.7% during the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock valued at $1,180,190,000 after purchasing an additional 2,432,340 shares during the period. M&G PLC lifted its position in shares of Amcor by 6.1% during the 4th quarter. M&G PLC now owns 114,989,595 shares of the company’s stock valued at $919,917,000 after buying an additional 6,655,611 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Amcor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock valued at $945,222,000 after buying an additional 1,845,627 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Amcor by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock worth $701,356,000 after acquiring an additional 2,036,667 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Amcor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock worth $533,487,000 after acquiring an additional 262,418 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Performance

NYSE AMCR opened at $43.18 on Monday. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. 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 stock has a market capitalization of $19.96 billion, a PE ratio of 30.19, a P/E/G ratio of 1.22 and a beta of 0.62. The company’s 50 day simple moving average is $40.21 and its two-hundred day simple moving average is $42.11.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 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 firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the business earned $0.90 EPS. The business’s revenue for the quarter was up 77.4% on a year-over-year basis. Analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AMCR shares. Truist Financial restated a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Finally, Citigroup cut their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. One equities 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.