Bank of New York Mellon Corp Decreases Stock Position in Amcor PLC $AMCR

Bank of New York Mellon Corp cut its holdings in Amcor PLC (NYSE:AMCR) by 2.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 11,477,121 shares of the company’s stock after selling 324,990 shares during the quarter. Bank of New York Mellon Corp’s holdings in Amcor were worth $95,719,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. grew its holdings in Amcor by 12.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 14,328,439 shares of the company’s stock worth $119,499,000 after acquiring an additional 1,603,673 shares during the period. Natixis Advisors LLC grew its holdings in Amcor by 65.4% in the 4th quarter. Natixis Advisors LLC now owns 273,484 shares of the company’s stock valued at $2,281,000 after buying an additional 108,116 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Amcor by 12.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,290,532 shares of the company’s stock valued at $44,123,000 after buying an additional 572,832 shares in the last quarter. Essex Financial Services Inc. acquired a new position in shares of Amcor in the 4th quarter valued at $609,000. Finally, MUFG Securities EMEA plc lifted its stake in shares of Amcor by 114.4% in the 4th quarter. MUFG Securities EMEA plc now owns 94,617 shares of the company’s stock valued at $789,000 after purchasing an additional 50,491 shares during the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Trading Down 0.8%

AMCR opened at $37.83 on Tuesday. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The company has a market cap of $17.49 billion, a P/E ratio of 26.45, a PEG ratio of 1.15 and a beta of 0.64. 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 simple moving average is $39.29 and its 200-day simple moving average is $42.09.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 EPS. As a group, equities research analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.9%. The ex-dividend date is Thursday, May 28th. Amcor’s dividend payout ratio is 181.82%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on AMCR shares. Citigroup decreased their target price on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target on the stock. Truist Financial restated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, Wells Fargo & Company set a $41.00 price target on Amcor and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.33.

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.