Eliot Finkel Investment Counsel LLC Cuts Position in Amcor PLC $AMCR

Eliot Finkel Investment Counsel LLC reduced its position in Amcor PLC (NYSE:AMCR) by 80.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,796 shares of the company’s stock after selling 163,139 shares during the period. Eliot Finkel Investment Counsel LLC’s holdings in Amcor were worth $1,622,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of AMCR. AdvisorNet Financial Inc purchased a new position in Amcor in the first quarter valued at approximately $25,000. DV Equities LLC purchased a new stake in Amcor during the fourth quarter worth approximately $27,000. Brown Lisle Cummings Inc. grew its stake in Amcor by 137.9% during the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock worth $29,000 after buying an additional 2,000 shares during the period. Larson Financial Group LLC grew its stake in Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock worth $33,000 after buying an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC increased its position in shares of Amcor by 10.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after acquiring an additional 373 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Trading Down 0.0%

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

Amcor (NYSE:AMCR) last announced its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. The business 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 business’s quarterly revenue was up 77.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 earnings per share. Analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AMCR. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Citigroup decreased their price target 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. Wells Fargo & Company set a $41.00 price target 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 on the stock in a research report on Thursday, May 7th. Finally, Truist Financial restated a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

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.