California Public Employees Retirement System Has $26.45 Million Position in Amcor PLC $AMCR

California Public Employees Retirement System cut its holdings in Amcor PLC (NYSE:AMCR) by 79.3% during the first quarter, HoldingsChannel reports. The firm owned 665,429 shares of the company’s stock after selling 2,550,622 shares during the period. California Public Employees Retirement System’s holdings in Amcor were worth $26,451,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. SteelPeak Wealth LLC acquired a new position in shares of Amcor during the first quarter worth approximately $863,000. Citizens National Bank Trust Department bought a new position in Amcor during the first quarter worth $1,251,000. Hsbc Holdings PLC raised its stake in Amcor by 1,620.5% during the 1st quarter. Hsbc Holdings PLC now owns 672,649 shares of the company’s stock valued at $26,592,000 after purchasing an additional 633,554 shares during the last quarter. Ibex Wealth Advisors acquired a new position in Amcor during the 1st quarter valued at $6,732,000. Finally, Greenwood Capital Associates LLC bought a new stake in Amcor in the 1st quarter valued at $1,197,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

NYSE:AMCR opened at $43.21 on Thursday. The company has a 50-day moving average of $40.87 and a 200-day moving average of $42.21. The company has a market capitalization of $19.98 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 1.36 and a beta of 0.62. 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.

Amcor (NYSE:AMCR) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share 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 analysts’ expectations of $5.71 billion. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, equities research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend 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

Several analysts have issued reports on AMCR shares. BMO Capital Markets started coverage on shares of Amcor in a research report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price target on the stock. Bank of America increased their target price 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. JPMorgan Chase & Co. lowered their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. Finally, Jefferies Financial Group set a $44.92 price objective on Amcor and gave the stock a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.08.

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.