Allspring Global Investments Holdings LLC Cuts Stock Position in Amcor PLC $AMCR

Allspring Global Investments Holdings LLC decreased its holdings in shares of Amcor PLC (NYSE:AMCR) by 81.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,989 shares of the company’s stock after selling 98,280 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Amcor were worth $895,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in AMCR. Citizens National Bank Trust Department acquired a new stake in Amcor in the 1st quarter valued at $1,251,000. Hsbc Holdings PLC boosted its position in shares of Amcor by 1,620.5% in the first quarter. Hsbc Holdings PLC now owns 672,649 shares of the company’s stock worth $26,592,000 after buying an additional 633,554 shares during the period. Ibex Wealth Advisors acquired a new stake in shares of Amcor in the first quarter valued at about $6,732,000. Greenwood Capital Associates LLC acquired a new stake in shares of Amcor in the first quarter valued at about $1,197,000. Finally, American Capital Advisory LLC purchased a new stake in shares of Amcor during the 1st quarter valued at about $44,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Up 1.6%

NYSE:AMCR opened at $45.27 on Tuesday. 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 PLC has a one year low of $36.25 and a one year high of $50.94. The business’s 50-day simple moving average is $41.27 and its 200 day simple moving average is $42.25. The stock has a market cap of $20.93 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 1.40 and a beta of 0.62.

Amcor (NYSE:AMCR) last issued 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 return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. Amcor’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, sell-side analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio is 181.82%.

Analyst Ratings Changes

Several research firms recently commented on AMCR. Truist Financial reissued a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. BMO Capital Markets initiated coverage on shares of Amcor in a research report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price objective for the company. Wells Fargo & Company set a $43.00 price objective on shares of Amcor and gave the company an “equal weight” rating in a research note on Wednesday, July 15th. Bank of America boosted their target price on shares of Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Jefferies Financial Group set a $44.92 target price on shares of Amcor and gave the company a “hold” rating in a research note on Tuesday, July 21st. One investment 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 stock. Based on data from MarketBeat.com, Amcor presently has an average 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.