Fulton Bank N.A. Sells 122,668 Shares of Amcor PLC $AMCR

Fulton Bank N.A. cut its stake in Amcor PLC (NYSE:AMCR) by 70.3% in the first quarter, Holdings Channel.com reports. The firm owned 51,845 shares of the company’s stock after selling 122,668 shares during the quarter. Fulton Bank N.A.’s holdings in Amcor were worth $2,061,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after purchasing an additional 20,757 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after buying an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Amcor during the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor in the 2nd quarter valued at approximately $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor in the 2nd quarter valued at approximately $228,000. Institutional investors own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AMCR. Truist Financial restated a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. JPMorgan Chase & Co. decreased their price target on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wells Fargo & Company set a $41.00 price objective on shares of Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Finally, Citigroup reduced their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $48.00.

Amcor Stock Performance

AMCR opened at $44.98 on Friday. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The firm has a market capitalization of $20.80 billion, a PE ratio of 31.46, a PEG ratio of 1.23 and a beta of 0.62. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The business’s 50-day simple moving average is $39.65 and its 200 day simple moving average is $42.02.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business’s quarterly revenue was up 77.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 earnings per share. As a group, sell-side analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio is presently 181.82%.

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.