Amcor (NYSE:AMCR) Shares Down 6.5% – Should You Sell?

Amcor PLC (NYSE:AMCR)’s share price was down 6.5% on Wednesday . The stock traded as low as $41.73 and last traded at $41.5470. 717,796 shares were traded during mid-day trading, a decline of 86% from the average session volume of 5,157,742 shares. The stock had previously closed at $44.45.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Citigroup cut their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Truist Financial restated a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.00.

Amcor Price Performance

The stock has a market capitalization of $19.38 billion, a PE ratio of 29.29, a P/E/G ratio of 1.26 and a beta of 0.62. 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 stock’s 50-day moving average is $39.96 and its 200 day moving average is $42.09.

Amcor (NYSE:AMCR) last released its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.96. The company 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 company’s revenue was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, equities analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after purchasing an additional 20,757 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after buying an additional 4,396 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Amcor in the 2nd quarter valued at approximately $138,000. Arrowstreet Capital Limited Partnership acquired a new position in Amcor in the second quarter worth approximately $6,426,000. Finally, CW Advisors LLC acquired a new position in Amcor in the second quarter worth approximately $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Company 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.