Northeast Investment Management Decreases Stock Position in Amcor PLC $AMCR

Northeast Investment Management lessened its holdings in Amcor PLC (NYSE:AMCR) by 80.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 49,700 shares of the company’s stock after selling 199,300 shares during the period. Northeast Investment Management’s holdings in Amcor were worth $1,976,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Capital International Investors purchased a new position in shares of Amcor in the 4th quarter valued at approximately $354,227,000. Norges Bank purchased a new stake in Amcor during the 4th quarter worth approximately $308,724,000. AQR Capital Management LLC increased its stake in Amcor by 398.6% during the 2nd quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after purchasing an additional 12,803,785 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Amcor during the 4th quarter valued at approximately $103,713,000. Finally, Invesco Ltd. raised its holdings in shares of Amcor by 29.9% in the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after buying an additional 10,846,351 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

AMCR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. 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. Wells Fargo & Company set a $41.00 price target on Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Citigroup dropped their price target on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.

Amcor Stock Up 2.6%

AMCR stock opened at $42.78 on Friday. The firm’s fifty day simple moving average is $39.40 and its 200-day simple moving average is $41.93. The company has a market capitalization of $19.78 billion, a P/E ratio of 29.92, a price-to-earnings-growth ratio of 1.26 and a beta of 0.64. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. Amcor PLC has a 12 month low of $36.25 and a 12 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 (EPS) for the quarter, hitting 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 net margin of 3.06% and a return on equity of 14.55%. The firm’s revenue was up 77.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities research analysts forecast that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The business 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 was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.1%. Amcor’s dividend payout ratio (DPR) is presently 181.82%.

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.