IFM Investors Pty Ltd Lowers Position in Amcor PLC $AMCR

IFM Investors Pty Ltd decreased its position in shares of Amcor PLC (NYSE:AMCR) by 76.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,197 shares of the company’s stock after selling 357,191 shares during the quarter. IFM Investors Pty Ltd’s holdings in Amcor were worth $4,341,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AMCR. State Street Corp boosted its holdings in Amcor by 1.7% during the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock worth $1,180,190,000 after buying an additional 2,432,340 shares in the last quarter. M&G PLC raised its position in shares of Amcor by 6.1% in the fourth quarter. M&G PLC now owns 114,989,595 shares of the company’s stock worth $919,917,000 after acquiring an additional 6,655,611 shares during the period. Vanguard Group Inc. raised its position in shares of Amcor by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after acquiring an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Amcor by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock worth $701,356,000 after acquiring an additional 2,036,667 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Amcor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock worth $533,487,000 after acquiring an additional 262,418 shares in the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AMCR has been the subject of several recent analyst reports. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Citigroup lowered their price target on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an “equal weight” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. cut their price objective on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Amcor Stock Down 0.0%

Shares of NYSE AMCR opened at $44.98 on Friday. The firm has a market cap of $20.80 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.27 and a beta of 0.62. The company’s 50-day simple moving average is $39.75 and its 200-day simple moving average is $42.04. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94.

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

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.8%. Amcor’s dividend payout ratio is presently 181.82%.

Amcor Company 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.