State of Michigan Retirement System Decreases Holdings in Amcor PLC $AMCR

State of Michigan Retirement System lowered its stake in shares of Amcor PLC (NYSE:AMCR) by 80.0% in the first quarter, Holdings Channel reports. The firm owned 125,634 shares of the company’s stock after selling 503,542 shares during the period. State of Michigan Retirement System’s holdings in Amcor were worth $4,994,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AMCR. Capital International Investors purchased a new position in Amcor in the 4th quarter valued at about $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 worth $147,184,000 after buying an additional 12,803,785 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Amcor during the fourth quarter valued at approximately $103,713,000. Finally, Invesco Ltd. raised its holdings in shares of Amcor by 29.9% during the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock valued at $385,373,000 after acquiring an additional 10,846,351 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

AMCR stock opened at $44.88 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The business has a 50 day simple moving average of $40.57 and a 200-day simple moving average of $42.17. The firm has a market capitalization of $20.75 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 1.36 and a beta of 0.62. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate 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 during 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 business’s revenue for the quarter was up 77.4% on a year-over-year basis. Equities research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on AMCR shares. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target on the stock. Truist Financial restated a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Citigroup lowered their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. BMO Capital Markets began coverage on shares of Amcor in a report on Thursday. They set a “market perform” rating and a $47.00 target price for the company. Finally, Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.40.

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.