Amcor PLC $AMCR Stock Holdings Trimmed by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lowered its position in shares of Amcor PLC (NYSE:AMCR) by 80.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,114 shares of the company’s stock after selling 69,558 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Amcor were worth $680,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AMCR. Capital International Investors bought a new position in Amcor in the fourth quarter worth about $354,227,000. Norges Bank acquired a new position in Amcor during the 4th quarter valued at approximately $308,724,000. AQR Capital Management LLC boosted its position in 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 period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Amcor during the 4th quarter worth $103,713,000. Finally, Invesco Ltd. grew its stake in Amcor by 29.9% during the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after buying an additional 10,846,351 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMCR has been the subject of several recent analyst reports. Citigroup decreased their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. JPMorgan Chase & Co. lowered their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Truist Financial reaffirmed a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Amcor Stock Performance

AMCR opened at $44.98 on Friday. The company has a market capitalization of $20.80 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.23 and a beta of 0.62. 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 business has a 50 day moving average price of $39.65 and a two-hundred day moving average price of $42.02.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. Research analysts predict that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. Amcor’s payout ratio is currently 181.82%.

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.