United Asset Strategies Inc. Sells 30,137 Shares of Amcor PLC $AMCR

United Asset Strategies Inc. reduced its stake in shares of Amcor PLC (NYSE:AMCR) by 78.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,316 shares of the company’s stock after selling 30,137 shares during the period. United Asset Strategies Inc.’s holdings in Amcor were worth $331,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ascentis Independent Advisors bought a new position in shares of Amcor in the first quarter worth approximately $85,000. Revisor Wealth Management LLC bought a new stake in shares of Amcor during the 1st quarter valued at $345,000. Hudson Edge Investment Partners Inc. purchased a new position in shares of Amcor during the 1st quarter valued at $4,712,000. World Investment Advisors purchased a new position in shares of Amcor during the 1st quarter valued at $238,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in shares of Amcor during the 1st quarter valued at $3,653,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Down 0.3%

AMCR opened at $44.46 on Wednesday. The company has a market capitalization of $20.56 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 1.26 and a beta of 0.62. The firm has a 50-day simple moving average of $39.96 and a two-hundred day simple moving average of $42.09. 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 posted its earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company 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 business earned $0.90 earnings per share. The firm’s revenue for the quarter was up 77.4% on a year-over-year basis. Analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors 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 5.8%. Amcor’s dividend payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AMCR shares. JPMorgan Chase & Co. cut their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Citigroup lowered 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. Truist Financial reaffirmed a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price for the company. 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, six have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and an average 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.