Amcor PLC $AMCR Stake Cut by Panagora Asset Management Inc.

Panagora Asset Management Inc. decreased its holdings in shares of Amcor PLC (NYSE:AMCR) by 69.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 181,705 shares of the company’s stock after selling 408,920 shares during the period. Panagora Asset Management Inc.’s holdings in Amcor were worth $1,670,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of AMCR. NewSquare Capital LLC boosted its holdings in shares of Amcor by 377.9% in the 2nd quarter. NewSquare Capital LLC now owns 2,810 shares of the company’s stock valued at $26,000 after buying an additional 2,222 shares during the period. AdvisorNet Financial Inc boosted its stake in Amcor by 839.8% in the second quarter. AdvisorNet Financial Inc now owns 3,026 shares of the company’s stock valued at $28,000 after acquiring an additional 2,704 shares during the period. Adirondack Trust Co. bought a new position in shares of Amcor during the second quarter valued at approximately $29,000. Bartlett & CO. Wealth Management LLC bought a new position in shares of Amcor during the second quarter valued at approximately $33,000. Finally, LSV Asset Management acquired a new stake in shares of Amcor during the 2nd quarter worth approximately $37,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Trading Down 1.5%

NYSE:AMCR opened at $8.33 on Friday. The stock has a market cap of $19.20 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 0.83 and a beta of 0.68. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.62 and a current ratio of 1.04. Amcor PLC has a 1 year low of $7.66 and a 1 year high of $10.47. The business has a fifty day moving average of $8.24 and a 200-day moving average of $8.77.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. The business had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.77 billion. Amcor had a net margin of 3.34% and a return on equity of 17.35%. The company’s revenue was up 71.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 earnings per share. Equities analysts predict that Amcor PLC will post 0.74 earnings per share for the current year.

Amcor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, November 28th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 6.2%. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is currently 152.94%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AMCR. Morgan Stanley restated an “overweight” rating and set a $11.50 price objective on shares of Amcor in a research report on Wednesday, November 12th. The Goldman Sachs Group initiated coverage on Amcor in a research note on Wednesday, September 10th. They issued a “buy” rating on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Amcor in a report on Wednesday, October 8th. JPMorgan Chase & Co. began coverage on shares of Amcor in a report on Friday, September 19th. They issued an “overweight” rating and a $10.00 price objective on the stock. Finally, Royal Bank Of Canada initiated coverage on shares of Amcor in a research report on Monday, September 22nd. They issued a “sector perform” rating on the stock. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.91.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.