Balefire LLC Decreases Holdings in Amcor PLC $AMCR

Balefire LLC trimmed its holdings in shares of Amcor PLC (NYSE:AMCR) by 73.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,102 shares of the company’s stock after selling 34,069 shares during the period. Balefire LLC’s holdings in Amcor were worth $481,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors bought a new position in Amcor during the fourth quarter valued at about $354,227,000. Norges Bank bought a new stake in Amcor in the fourth quarter worth about $308,724,000. AQR Capital Management LLC boosted its stake in Amcor by 398.6% in the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after acquiring an additional 12,803,785 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Amcor in the fourth quarter valued at about $103,713,000. Finally, Invesco Ltd. grew its position in shares of Amcor by 29.9% during the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock valued at $385,373,000 after acquiring an additional 10,846,351 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Down 1.6%

AMCR opened at $43.22 on Tuesday. The stock has a market cap of $19.98 billion, a PE ratio of 30.22, a P/E/G ratio of 1.38 and a beta of 0.62. 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 PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The business’s fifty day simple moving average is $40.71 and its 200 day simple moving average is $42.19.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 return on equity of 14.55% and a net margin of 3.06%.The company’s revenue was up 77.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 earnings per share. As a group, research analysts expect 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. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.0%. Amcor’s payout ratio is currently 181.82%.

Analyst Ratings Changes

Several brokerages have recently issued reports on AMCR. BMO Capital Markets started coverage on shares of Amcor in a research note on Thursday. They set a “market perform” rating and a $47.00 price target for the company. Truist Financial reiterated 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 initiated coverage on shares of Amcor in a report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective on the stock. Wells Fargo & Company set a $43.00 price target on Amcor and gave the stock an “equal weight” rating in a report on Wednesday, July 15th. Finally, Bank of America raised their price objective on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.40.

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.