Amcor PLC $AMCR Position Reduced by SVB Wealth LLC

SVB Wealth LLC trimmed its position in Amcor PLC (NYSE:AMCR) by 87.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 59,021 shares of the company’s stock after selling 409,178 shares during the period. SVB Wealth LLC’s holdings in Amcor were worth $2,346,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new position in shares of Amcor during the 4th quarter valued at $27,000. Brown Lisle Cummings Inc. lifted its holdings in shares of Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after buying an additional 2,000 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Amcor by 46.1% in the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after buying an additional 1,257 shares during the period. N.E.W. Advisory Services LLC boosted its stake in Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after buying an additional 373 shares in the last quarter. Finally, CYBER HORNET ETFs LLC bought a new position in Amcor during the second quarter valued at about $36,000. 45.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on AMCR. Citigroup dropped their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. lowered 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. Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Finally, Truist Financial reissued a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

Amcor Stock Performance

Shares of NYSE AMCR opened at $40.70 on Tuesday. The stock’s fifty day simple moving average is $39.36 and its 200 day simple moving average is $41.94. The stock has a market capitalization of $18.82 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 1.24 and a beta of 0.64. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94.

Amcor (NYSE:AMCR) last announced its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Amcor’s revenue was up 77.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders 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 yield of 6.4%. Amcor’s dividend 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.