Bank of New York Mellon Corp Sells 9,315,355 Shares of Amcor PLC $AMCR

Bank of New York Mellon Corp lowered its stake in Amcor PLC (NYSE:AMCR) by 81.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,161,766 shares of the company’s stock after selling 9,315,355 shares during the period. Bank of New York Mellon Corp’s holdings in Amcor were worth $85,930,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AMCR. AdvisorNet Financial Inc acquired a new position in Amcor in the 1st quarter worth about $25,000. Root Financial Partners LLC bought a new stake in shares of Amcor during the first quarter worth about $41,000. American Capital Advisory LLC bought a new stake in shares of Amcor during the first quarter worth about $44,000. CENTRAL TRUST Co acquired a new position in shares of Amcor in the first quarter valued at approximately $49,000. Finally, Ascentis Independent Advisors acquired a new position in shares of Amcor in the first quarter valued at approximately $85,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Truist Financial restated a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Bank of America raised their price target on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Citigroup cut their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $48.08.

Amcor Price Performance

Shares of AMCR opened at $43.48 on Wednesday. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The business’s 50 day moving average price is $40.79 and its two-hundred day moving average price is $42.20. The firm has a market cap of $20.10 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 1.36 and a beta of 0.62.

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

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a dividend of $0.65 per share. 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 dividend payout ratio is currently 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.