State Street Corp decreased its stake in shares of Amcor plc (NYSE:AMCR) by 10.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,388,262 shares of the company’s stock after selling 9,789,151 shares during the quarter. State Street Corp owned approximately 5.32% of Amcor worth $921,440,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of AMCR. CSat Investment Advisory L.P. lifted its holdings in shares of Amcor by 57.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 2,656 shares of the company’s stock valued at $27,000 after buying an additional 965 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of Amcor in the 3rd quarter valued at approximately $30,000. Canada Pension Plan Investment Board acquired a new stake in shares of Amcor in the 2nd quarter valued at approximately $32,000. Freestone Capital Holdings LLC acquired a new stake in shares of Amcor in the 3rd quarter valued at approximately $43,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Amcor in the 3rd quarter valued at approximately $55,000. Institutional investors own 30.89% of the company’s stock.
Several equities analysts recently weighed in on the company. BMO Capital Markets raised their price objective on Amcor from $9.00 to $11.00 in a research note on Wednesday, August 19th. Deutsche Bank Aktiengesellschaft lifted their price objective on Amcor from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Seaport Global Securities began coverage on Amcor in a research report on Wednesday, October 14th. They issued a “neutral” rating for the company. Zacks Investment Research downgraded Amcor from a “buy” rating to a “hold” rating in a research report on Wednesday, October 21st. Finally, Needham & Company LLC cut Amcor from a “buy” rating to a “hold” rating in a report on Tuesday, September 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. Amcor currently has a consensus rating of “Hold” and an average target price of $12.32.
Shares of NYSE AMCR opened at $11.93 on Friday. Amcor plc has a 1 year low of $5.80 and a 1 year high of $12.40. The firm has a market cap of $18.71 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.78 and a current ratio of 1.27. The stock’s 50-day simple moving average is $11.28 and its 200-day simple moving average is $10.66.
Amcor (NYSE:AMCR) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.01. The firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.12 billion. Amcor had a return on equity of 18.75% and a net margin of 6.00%. Amcor’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. As a group, research analysts predict that Amcor plc will post 0.71 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, November 24th will be issued a $0.117 dividend. This is a positive change from Amcor’s previous quarterly dividend of $0.12. This represents a $0.47 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Monday, November 23rd. Amcor’s payout ratio is currently 71.88%.
Amcor plc develops, manufactures, and sells various packaging products for food, beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries worldwide. It operates through two segments, Flexibles and Rigid Packaging. The company provides flexible packaging products, rigid packaging containers, specialty cartons, and closures.
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