Thrivent Financial for Lutherans Reduces Holdings in Amcor PLC $AMCR

Thrivent Financial for Lutherans lessened its position in shares of Amcor PLC (NYSE:AMCR) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,034,184 shares of the company’s stock after selling 33,919 shares during the period. Thrivent Financial for Lutherans owned 1.53% of Amcor worth $58,667,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Conning Inc. purchased a new position in shares of Amcor during the 4th quarter valued at $96,000. Heritage Wealth Management Inc. CA purchased a new stake in shares of Amcor during the fourth quarter worth $240,000. Oregon Public Employees Retirement Fund lifted its position in shares of Amcor by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 264,442 shares of the company’s stock worth $2,205,000 after acquiring an additional 900 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of Amcor by 126.8% during the fourth quarter. Independent Advisor Alliance now owns 125,966 shares of the company’s stock worth $1,051,000 after acquiring an additional 70,415 shares in the last quarter. Finally, HighPoint Advisor Group LLC lifted its position in shares of Amcor by 5.0% during the fourth quarter. HighPoint Advisor Group LLC now owns 36,665 shares of the company’s stock worth $306,000 after acquiring an additional 1,761 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AMCR shares. Truist Financial restated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company downgraded Amcor from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $48.00 to $43.00 in a research report on Friday, March 20th. Robert W. Baird set a $54.00 target price on Amcor in a research report on Wednesday, February 4th. Finally, Morgan Stanley downgraded Amcor from an “overweight” rating to an “equal weight” rating and set a $46.00 target price on the stock. in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.56.

Amcor Trading Down 4.9%

Amcor stock opened at $36.71 on Friday. The stock has a market cap of $16.97 billion, a P/E ratio of 25.67, a PEG ratio of 1.11 and a beta of 0.63. Amcor PLC has a fifty-two week low of $36.67 and a fifty-two week high of $50.94. The firm’s fifty day moving average price is $40.08 and its 200-day moving average price is $42.41. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44.

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 for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Equities research analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 7.1%. Amcor’s dividend payout ratio is presently 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.