Amcor (NYSE:AMCR) Trading Down 6.5% – What’s Next?

Shares of Amcor PLC (NYSE:AMCR) traded down 6.5% during mid-day trading on Wednesday . The company traded as low as $41.73 and last traded at $41.5470. 717,796 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 5,157,742 shares. The stock had previously closed at $44.45.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price target 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 cut their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Truist Financial reaffirmed 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 investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Amcor Stock Performance

The company has a fifty day moving average price of $39.96 and a two-hundred day moving average price of $42.09. The firm has a market cap of $19.38 billion, a price-to-earnings ratio of 29.29, a price-to-earnings-growth ratio of 1.26 and a beta of 0.62. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95.

Amcor (NYSE:AMCR) last released its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Amcor’s revenue was up 77.4% compared to the same quarter last year. As a group, equities research analysts expect that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 6.2%. Amcor’s payout ratio is 181.82%.

Institutional Investors Weigh In On Amcor

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Amcor by 8.4% in the 1st 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 position in shares of Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after purchasing an additional 4,396 shares during the period. Sivia Capital Partners LLC purchased a new position in Amcor in the 2nd quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor during the 2nd quarter worth about $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor during the 2nd quarter worth about $228,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Company Profile

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.