Northeast Investment Management Sells 13,850 Shares of Amcor PLC $AMCR

Northeast Investment Management cut its holdings in shares of Amcor PLC (NYSE:AMCR) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 249,000 shares of the company’s stock after selling 13,850 shares during the quarter. Northeast Investment Management owned 0.05% of Amcor worth $2,077,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Amcor by 7.2% during the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after purchasing an additional 9,375,255 shares during the period. Vanguard Group Inc. increased its holdings in shares of Amcor by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after purchasing an additional 1,845,627 shares during the period. M&G PLC increased its holdings in shares of Amcor by 26.6% during the third quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after purchasing an additional 22,737,979 shares during the period. Invesco Ltd. increased its holdings in shares of Amcor by 29.9% during the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after purchasing an additional 10,846,351 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Amcor by 103.9% during the third quarter. Federated Hermes Inc. now owns 39,344,317 shares of the company’s stock worth $321,837,000 after purchasing an additional 20,052,979 shares during the period. 45.14% of the stock is owned by institutional investors.

Amcor Stock Performance

Shares of Amcor stock opened at $39.22 on Wednesday. Amcor PLC has a fifty-two week low of $36.67 and a fifty-two week high of $50.94. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The firm has a market capitalization of $18.13 billion, a P/E ratio of 27.43, a P/E/G ratio of 1.21 and a beta of 0.63. The company’s 50 day moving average price is $40.62 and its two-hundred day moving average price is $42.48.

Amcor (NYSE:AMCR) last issued its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company’s quarterly revenue was up 77.4% on a year-over-year basis. On average, equities analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be given a $0.65 dividend. The ex-dividend date is Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.6%. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Analyst Ratings Changes

AMCR has been the topic of a number of recent analyst reports. Citigroup decreased their price objective 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 reissued a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Finally, Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and an average price target of $49.56.

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.