Parvin Asset Management LLC Has $1.19 Million Stake in Amcor PLC $AMCR

Parvin Asset Management LLC reduced its position in Amcor PLC (NYSE:AMCR) by 78.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,896 shares of the company’s stock after selling 110,061 shares during the period. Parvin Asset Management LLC’s holdings in Amcor were worth $1,188,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. AdvisorNet Financial Inc bought a new stake in Amcor during the 1st quarter valued at $25,000. DV Equities LLC bought a new position in shares of Amcor in the fourth quarter valued at $27,000. Brown Lisle Cummings Inc. lifted its stake in shares of Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after buying an additional 2,000 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after buying an additional 1,257 shares during the last quarter. Finally, N.E.W. Advisory Services LLC grew its holdings in shares of Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after buying an additional 373 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

AMCR opened at $46.77 on Wednesday. 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 company has a market capitalization of $21.62 billion, a price-to-earnings ratio of 32.71, a P/E/G ratio of 1.42 and a beta of 0.62. The firm’s fifty day moving average price is $41.47 and its two-hundred day moving average price is $42.28. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94.

Amcor (NYSE:AMCR) last posted 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 analyst estimates of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business’s revenue was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS. As a group, analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AMCR shares. JPMorgan Chase & Co. decreased their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. BMO Capital Markets initiated coverage on shares of Amcor in a research report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price target on the stock. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target for the company. Wells Fargo & Company set a $43.00 price objective on Amcor and gave the stock an “equal weight” rating in a report on Wednesday, July 15th. Finally, Truist Financial reissued 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.08.

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.