PNC Financial Services Group Inc. Acquires 45,103 Shares of Amcor PLC $AMCR

PNC Financial Services Group Inc. boosted its holdings in Amcor PLC (NYSE:AMCR) by 9.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 502,367 shares of the company’s stock after acquiring an additional 45,103 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Amcor worth $4,190,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AMCR. M&G PLC increased its stake in Amcor by 26.6% in the 3rd quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after acquiring an additional 22,737,979 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Amcor by 103.9% during the 3rd quarter. Federated Hermes Inc. now owns 39,344,317 shares of the company’s stock valued at $321,837,000 after purchasing an additional 20,052,979 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after purchasing an additional 12,803,785 shares during the last quarter. Invesco Ltd. increased 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 purchasing an additional 10,846,351 shares during the last quarter. Finally, State Street Corp increased its position in shares of Amcor by 7.2% during the 3rd quarter. State Street Corp now owns 139,077,241 shares of the company’s stock valued at $1,137,652,000 after purchasing an additional 9,375,255 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Amcor Price Performance

AMCR opened at $38.43 on Tuesday. The stock’s 50 day simple moving average is $39.55 and its 200 day simple moving average is $42.34. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The firm has a market cap of $17.77 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.16 and a beta of 0.63.

Amcor (NYSE:AMCR) last posted 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. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period last year, the company earned $0.90 EPS. Amcor’s revenue for the quarter was up 77.4% compared to the same quarter last year. As a group, analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be issued a $0.65 dividend. The ex-dividend date is Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.8%. Amcor’s dividend payout ratio (DPR) is 181.82%.

Wall Street Analyst Weigh In

AMCR has been the topic of several recent research reports. Truist Financial reiterated a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Robert W. Baird set a $54.00 price objective on Amcor in a research report on Wednesday, February 4th. Morgan Stanley lowered Amcor from an “overweight” rating to an “equal weight” rating and set a $46.00 price objective on the stock. in a research report on Wednesday, January 28th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Finally, Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.

About Amcor

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.