Gabelli Funds LLC Sells 141,903 Shares of Amcor PLC $AMCR

Gabelli Funds LLC cut its holdings in shares of Amcor PLC (NYSE:AMCR) by 76.4% during the 1st quarter, HoldingsChannel reports. The fund owned 43,753 shares of the company’s stock after selling 141,903 shares during the quarter. Gabelli Funds LLC’s holdings in Amcor were worth $1,739,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AMCR. N.E.W. Advisory Services LLC boosted its stake in shares of Amcor by 10.1% in the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after purchasing an additional 373 shares in the last quarter. CYBER HORNET ETFs LLC raised its position in Amcor by 11.1% in the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the period. FineMark National Bank & Trust raised its position in Amcor by 0.6% in the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock worth $671,000 after purchasing an additional 503 shares during the period. United Asset Strategies Inc. lifted its stake in Amcor by 1.6% in the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock worth $321,000 after purchasing an additional 597 shares during the last quarter. Finally, AdvisorNet Financial Inc bought a new stake in Amcor in the first quarter worth $25,000. 45.14% of the stock is currently owned by institutional investors.

Amcor Trading Down 1.8%

NYSE:AMCR opened at $45.87 on Thursday. The company has a fifty day moving average of $41.62 and a 200 day moving average of $42.30. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. 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 firm has a market capitalization of $21.21 billion, a P/E ratio of 32.08, a P/E/G ratio of 1.46 and a beta of 0.62.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. The business 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 EPS. On average, research analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The company also recently disclosed 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. This represents a $2.60 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio is 181.82%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Citigroup decreased their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Jefferies Financial Group set a $44.92 target price on Amcor and gave the company a “hold” rating in a research note on Tuesday, July 21st. Truist Financial restated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

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.