Amcor PLC $AMCR Stake Trimmed by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. cut its stake in Amcor PLC (NYSE:AMCR) by 18.4% in the third quarter, HoldingsChannel reports. The fund owned 336,674 shares of the company’s stock after selling 76,066 shares during the period. First Citizens Bank & Trust Co.’s holdings in Amcor were worth $14,093,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of AMCR. AdvisorNet Financial Inc purchased a new stake in Amcor in the 1st quarter worth approximately $25,000. Bangor Savings Bank acquired a new stake in shares of Amcor during the 2nd quarter worth approximately $26,000. Western Wealth Management LLC purchased a new position in shares of Amcor during the 1st quarter valued at approximately $27,000. Palladiem LLC purchased a new position in shares of Amcor during the 1st quarter valued at approximately $34,000. Finally, Root Financial Partners LLC purchased a new position in shares of Amcor during the 1st quarter valued at approximately $41,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on AMCR shares. Bank of America boosted their target price on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings restated a “hold (c)” rating on shares of Amcor in a research report on Friday, August 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. Truist Financial set a $51.00 price objective on shares of Amcor in a report on Tuesday, August 18th. Finally, Citigroup reiterated a “buy” rating and issued a $52.00 price objective (up from $47.00) on shares of Amcor in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.36.

Amcor Stock Performance

NYSE AMCR opened at $41.81 on Wednesday. The stock has a market capitalization of $19.33 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 2.58 and a beta of 0.58. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average of $44.42 and a 200 day moving average of $42.18.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%. The company had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.05 billion. During the same quarter in the prior year, the business posted $0.20 earnings per share. Amcor’s revenue for the quarter was up 25.9% on a year-over-year basis. Sell-side analysts anticipate that Amcor PLC will post 1.84 EPS for the current fiscal year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Friday, September 4th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend was Friday, September 4th. Amcor’s dividend payout ratio is presently 110.17%.

About Amcor

Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging for food, beverages, pharmaceutical and medical products, personal care items, household goods and other consumer and industrial applications. Its portfolio includes flexible packaging, rigid containers, films, laminates, bags, bottles, closures, cartons and specialty packaging solutions.

The company works with brand owners and manufacturers to design packaging that supports product protection, shelf life, convenience and presentation.