The Manufacturers Life Insurance Company Cuts Stock Position in Amcor PLC $AMCR

The Manufacturers Life Insurance Company lessened its stake in shares of Amcor PLC (NYSE:AMCR) by 82.5% in the first quarter, Holdings Channel reports. The institutional investor owned 236,174 shares of the company’s stock after selling 1,110,029 shares during the period. The Manufacturers Life Insurance Company’s holdings in Amcor were worth $9,388,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after acquiring an additional 20,757 shares during the last quarter. Focus Partners Wealth boosted its stake in Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after purchasing an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Amcor in the 2nd quarter worth about $138,000. Arrowstreet Capital Limited Partnership purchased a new stake in Amcor during the 2nd quarter valued at about $6,426,000. Finally, CW Advisors LLC bought a new stake in Amcor during the 2nd quarter valued at about $228,000. Institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

NYSE AMCR opened at $46.05 on Tuesday. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The stock has a 50-day moving average of $42.04 and a 200 day moving average of $42.34. The company has a market capitalization of $21.29 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.41 and a beta of 0.62. 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 (NYSE:AMCR) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $5.91 billion for 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 business’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. On average, sell-side analysts forecast that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on AMCR shares. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a report on Wednesday, July 15th. Truist Financial reiterated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Jefferies Financial Group set a $44.92 price target on shares of Amcor and gave the company a “hold” rating in a research report on Tuesday, July 21st. Bank of America boosted their price objective on shares of Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average 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.