Isthmus Partners LLC Trims Position in Amcor PLC $AMCR

Isthmus Partners LLC lowered its position in shares of Amcor PLC (NYSE:AMCR) by 84.8% during the first quarter, Holdings Channel reports. The fund owned 294,680 shares of the company’s stock after selling 1,638,724 shares during the quarter. Isthmus Partners LLC’s holdings in Amcor were worth $11,714,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its holdings in Amcor by 1.7% in the 4th quarter. State Street Corp now owns 141,509,581 shares of the company’s stock valued at $1,180,190,000 after acquiring an additional 2,432,340 shares during the last quarter. M&G PLC boosted its holdings in shares of Amcor by 6.1% during the fourth quarter. M&G PLC now owns 114,989,595 shares of the company’s stock worth $919,917,000 after purchasing an additional 6,655,611 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Amcor by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock valued at $945,222,000 after purchasing an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Amcor by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock valued at $701,356,000 after purchasing an additional 2,036,667 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Amcor by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock valued at $533,487,000 after purchasing an additional 262,418 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Down 5.7%

Shares of AMCR opened at $41.91 on Thursday. 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 firm has a market capitalization of $19.38 billion, a P/E ratio of 29.31, a price-to-earnings-growth ratio of 1.25 and a beta of 0.62. The stock’s fifty day simple moving average is $40.01 and its 200 day simple moving average is $42.09. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94.

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 return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up 77.4% compared to the same quarter last year. On average, equities research analysts forecast 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 $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s payout ratio is currently 181.82%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. JPMorgan Chase & Co. decreased their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective for the company. Truist Financial reiterated a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Citigroup decreased their target price 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. Finally, Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.00.

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.