Resona Asset Management Co. Ltd. Cuts Stock Position in Amcor PLC $AMCR

Resona Asset Management Co. Ltd. trimmed its position in shares of Amcor PLC (NYSE:AMCR) by 79.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 125,965 shares of the company’s stock after selling 480,127 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Amcor were worth $5,007,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AMCR. State Street Corp boosted its stake in shares of Amcor by 1.7% during the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock valued at $1,180,190,000 after purchasing an additional 2,432,340 shares during the period. M&G PLC grew its stake in shares of Amcor by 6.1% in 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 stake 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 worth $945,222,000 after purchasing an additional 1,845,627 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Amcor by 2.5% during the 4th 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 period. Finally, Geode Capital Management LLC increased its holdings in Amcor by 0.4% during the 4th 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 period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Performance

Amcor stock opened at $43.18 on Monday. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $19.96 billion, a P/E ratio of 30.19, a PEG ratio of 1.22 and a beta of 0.62. The stock’s 50 day moving average is $40.21 and its 200 day moving average is $42.11.

Amcor (NYSE:AMCR) last released its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting 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 for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The company’s revenue for the quarter was up 77.4% compared to the same quarter last year. On average, equities research analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.0%. Amcor’s payout ratio is presently 181.82%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price objective on 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 raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. decreased their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Truist Financial reaffirmed a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Finally, Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

Amcor 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.