Cannell & Spears LLC Sells 1,751,809 Shares of Amcor PLC $AMCR

Cannell & Spears LLC decreased its stake in shares of Amcor PLC (NYSE:AMCR) by 76.8% during the first quarter, HoldingsChannel reports. The firm owned 528,420 shares of the company’s stock after selling 1,751,809 shares during the quarter. Cannell & Spears LLC’s holdings in Amcor were worth $20,166,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in 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 buying an additional 20,757 shares in the last quarter. Focus Partners Wealth boosted its position in Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after acquiring an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Amcor during the 2nd quarter worth approximately $138,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Amcor during the 2nd quarter worth approximately $6,426,000. Finally, CW Advisors LLC bought a new position in shares of Amcor in the 2nd quarter worth approximately $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on AMCR. Bank of America lifted their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. BMO Capital Markets started coverage on Amcor in a report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Citigroup dropped their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.08.

Amcor Stock Performance

Shares of AMCR opened at $44.60 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The stock has a market cap of $20.62 billion, a P/E ratio of 31.19, a P/E/G ratio of 1.34 and a beta of 0.62. The business’s 50 day moving average price is $41.11 and its 200-day moving average price is $42.23. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 77.4% compared to the same quarter last year. Equities research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s payout ratio is currently 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.