Patton Fund Management Inc. Reduces Stock Position in Amcor PLC $AMCR

Patton Fund Management Inc. trimmed its holdings in Amcor PLC (NYSE:AMCR) by 77.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,800 shares of the company’s stock after selling 20,309 shares during the period. Patton Fund Management Inc.’s holdings in Amcor were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMCR. Aaron Wealth Advisors LLC bought a new stake in shares of Amcor during the 1st quarter valued at $214,000. Louisiana State Employees Retirement System purchased a new position in Amcor during the 1st quarter valued at about $934,000. Fiduciary Alliance LLC bought a new stake in shares of Amcor during the first quarter valued at about $421,000. CENTRAL TRUST Co purchased a new stake in shares of Amcor in the first quarter worth about $49,000. Finally, AdvisorNet Financial Inc bought a new position in shares of Amcor in the first quarter valued at approximately $25,000. Institutional investors own 45.14% of the company’s stock.

Amcor Stock Performance

Amcor stock opened at $43.38 on Wednesday. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The stock’s 50 day simple moving average is $39.53 and its two-hundred day simple moving average is $41.98. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The stock has a market cap of $20.06 billion, a price-to-earnings ratio of 30.34, a PEG ratio of 1.30 and a beta of 0.64.

Amcor (NYSE:AMCR) last released its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the business posted $0.90 EPS. The firm’s revenue for the quarter was up 77.4% compared to the same quarter last year. As a group, analysts expect that Amcor PLC will post 3.97 earnings per share 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 given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.0%. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Truist Financial reaffirmed 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. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target for the company. 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 report on Friday, May 8th. Finally, JPMorgan Chase & Co. lowered 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. 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 stock. According to data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target 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.