Sumitomo Mitsui Trust Group Inc. Decreases Holdings in Amcor PLC $AMCR

Sumitomo Mitsui Trust Group Inc. trimmed its position in Amcor PLC (NYSE:AMCR) by 83.1% in the 1st quarter, Holdings Channel.com reports. The fund owned 1,132,546 shares of the company’s stock after selling 5,583,718 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Amcor were worth $45,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 in the last quarter. Focus Partners Wealth raised its stake 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 purchased a new stake in shares of Amcor in the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor during the second quarter worth about $6,426,000. Finally, CW Advisors LLC purchased a new position in Amcor during the second quarter valued at approximately $228,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Amcor Price Performance

Amcor stock opened at $43.18 on Monday. The company’s fifty day moving average price is $40.21 and its 200 day moving average price is $42.11. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The stock has a market capitalization of $19.96 billion, a P/E ratio of 30.19, a P/E/G ratio of 1.22 and a beta of 0.62. 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 posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.96. The company had revenue of $5.91 billion during 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 firm’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, equities research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. Amcor’s payout ratio is currently 181.82%.

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.