OLD National Bancorp IN Has $257,000 Stock Holdings in Amcor PLC $AMCR

OLD National Bancorp IN decreased its holdings in shares of Amcor PLC (NYSE:AMCR) by 69.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,471 shares of the company’s stock after selling 14,592 shares during the quarter. OLD National Bancorp IN’s holdings in Amcor were worth $257,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMCR. Capital International Investors bought a new position in Amcor in the 4th quarter worth approximately $354,227,000. Norges Bank bought a new stake in shares of Amcor in the fourth quarter valued at approximately $308,724,000. AQR Capital Management LLC boosted its position in shares of Amcor by 398.6% in the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after acquiring an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Amcor in the fourth quarter worth $103,713,000. Finally, Invesco Ltd. grew its stake in shares of Amcor by 29.9% in the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after acquiring an additional 10,846,351 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Stock Performance

AMCR opened at $43.11 on Monday. The stock’s 50 day simple moving average is $39.45 and its 200-day simple moving average is $41.95. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a market cap of $19.93 billion, a PE ratio of 30.15, a P/E/G ratio of 1.30 and a beta of 0.64. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94.

Amcor (NYSE:AMCR) last issued its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same period last year, the business earned $0.90 earnings per share. Amcor’s quarterly revenue was up 77.4% compared to the same quarter last year. Sell-side analysts forecast that Amcor PLC will post 3.97 EPS for the current 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 issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is presently 181.82%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AMCR. JPMorgan Chase & Co. dropped their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Citigroup decreased their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Truist Financial reaffirmed a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

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.