Seven Six Capital Management LLC Sells 698,197 Shares of Amcor PLC $AMCR

Seven Six Capital Management LLC lessened its stake in shares of Amcor PLC (NYSE:AMCR) by 75.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222,840 shares of the company’s stock after selling 698,197 shares during the quarter. Amcor comprises approximately 9.4% of Seven Six Capital Management LLC’s portfolio, making the stock its 2nd biggest position. Seven Six Capital Management LLC’s holdings in Amcor were worth $8,858,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after buying an additional 20,757 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Amcor by 11.3% in the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after acquiring an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Amcor during the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership purchased a new position in Amcor during the second quarter worth about $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor in the second quarter valued at about $228,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. 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 report on Thursday, May 7th. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Citigroup decreased their price target on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Jefferies Financial Group set a $44.92 price objective on Amcor and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.08.

Amcor Trading Down 1.8%

Shares of Amcor stock opened at $45.87 on Thursday. The company has a 50-day moving average of $41.62 and a two-hundred day moving average of $42.30. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. 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 $21.21 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 1.46 and a beta of 0.62.

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 analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. The company’s revenue was up 77.4% compared to the same quarter last year. On average, research analysts anticipate that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.7%. Amcor’s dividend payout ratio (DPR) is currently 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.