Renasant Bank Cuts Stock Position in Amcor PLC $AMCR

Renasant Bank trimmed its position in shares of Amcor PLC (NYSE:AMCR) by 39.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 15,926 shares of the company’s stock after selling 10,183 shares during the period. Renasant Bank’s holdings in Amcor were worth $146,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. M&G PLC raised its stake in shares of Amcor by 23.4% during the 2nd quarter. M&G PLC now owns 85,596,005 shares of the company’s stock worth $770,364,000 after acquiring an additional 16,212,783 shares in the last quarter. Vanguard Group Inc. grew its holdings in Amcor by 15.5% in the first quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company’s stock worth $660,627,000 after purchasing an additional 9,119,308 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Amcor by 55.3% during the second quarter. Geode Capital Management LLC now owns 58,845,923 shares of the company’s stock worth $538,551,000 after purchasing an additional 20,946,520 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Amcor by 8.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 49,831,643 shares of the company’s stock worth $483,367,000 after purchasing an additional 3,778,714 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Amcor by 9.5% during the 1st quarter. Invesco Ltd. now owns 33,314,287 shares of the company’s stock valued at $323,149,000 after purchasing an additional 2,889,166 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Stephen E. Sterrett acquired 10,000 shares of Amcor stock in a transaction on Tuesday, August 19th. The stock was acquired at an average price of $8.55 per share, for a total transaction of $85,500.00. Following the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $85,500. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.32% of the company’s stock.

Amcor Trading Up 0.5%

Amcor stock opened at $8.48 on Wednesday. The stock has a 50-day moving average price of $8.15 and a 200 day moving average price of $8.85. The company has a market capitalization of $19.54 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 1.14 and a beta of 0.72. Amcor PLC has a 52 week low of $7.66 and a 52 week high of $10.70. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.19. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Amcor had a net margin of 3.40% and a return on equity of 19.43%. Amcor’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same period last year, the firm posted $0.16 EPS. Sell-side analysts anticipate that Amcor PLC will post 0.74 EPS for the current year.

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, November 28th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, November 28th. This is a positive change from Amcor’s previous quarterly dividend of $0.13. This represents a $0.52 annualized dividend and a yield of 6.1%. Amcor’s dividend payout ratio is currently 152.94%.

Wall Street Analysts Forecast Growth

AMCR has been the topic of several research analyst reports. Royal Bank Of Canada assumed coverage on Amcor in a research note on Monday, September 22nd. They set a “sector perform” rating on the stock. Wells Fargo & Company lowered their price target on Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. The Goldman Sachs Group assumed coverage on Amcor in a research note on Wednesday, September 10th. They set a “buy” rating on the stock. JPMorgan Chase & Co. initiated coverage on shares of Amcor in a report on Friday, September 19th. They set an “overweight” rating and a $10.00 price objective on the stock. Finally, Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 target price for the company in a research note on Friday, October 10th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.84.

Amcor Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.