Kentucky Retirement Systems Insurance Trust Fund Sells 48,522 Shares of Amcor PLC $AMCR

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in shares of Amcor PLC (NYSE:AMCR) by 80.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,130 shares of the company’s stock after selling 48,522 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Amcor were worth $482,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc acquired a new position in Amcor during the first quarter worth $25,000. DV Equities LLC acquired a new stake in Amcor in the fourth quarter worth about $27,000. Brown Lisle Cummings Inc. raised its stake in shares of Amcor by 137.9% during the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock worth $29,000 after buying an additional 2,000 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Amcor by 46.1% during the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after acquiring an additional 1,257 shares during the last quarter. Finally, N.E.W. Advisory Services LLC increased its holdings in Amcor by 10.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after purchasing an additional 373 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Wall Street Analyst Weigh In

AMCR has been the subject of several recent analyst reports. BMO Capital Markets initiated coverage on shares of Amcor in a research note on Thursday, July 16th. They issued a “market perform” rating and a $47.00 target price for the company. Wells Fargo & Company set a $43.00 price target on shares of Amcor and gave the company an “equal weight” rating in a report on Wednesday, July 15th. Bank of America upped their price objective on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Truist Financial reiterated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and an average price target of $48.08.

Amcor Stock Performance

Shares of AMCR stock opened at $45.87 on Thursday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The company’s 50 day moving average price is $41.62 and its two-hundred day moving average price is $42.30. The company has a market capitalization of $21.21 billion, a P/E ratio of 32.08, a price-to-earnings-growth ratio of 1.46 and a beta of 0.62.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the prior year, the company earned $0.90 earnings per share. The business’s quarterly revenue was up 77.4% compared to the same quarter last year. On average, analysts expect 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. Investors 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 yield of 5.7%. Amcor’s dividend payout ratio is presently 181.82%.

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.