PNC Financial Services Group Inc. Lowers Holdings in Amcor PLC $AMCR

PNC Financial Services Group Inc. trimmed its position in Amcor PLC (NYSE:AMCR) by 79.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,164 shares of the company’s stock after selling 398,203 shares during the period. PNC Financial Services Group Inc.’s holdings in Amcor were worth $4,141,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Capital International Investors bought a new position in shares of Amcor in the fourth quarter worth $354,227,000. Norges Bank bought a new stake in Amcor during the fourth quarter valued at $308,724,000. AQR Capital Management LLC boosted its stake in Amcor by 398.6% during the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock valued at $147,184,000 after buying an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Amcor during the fourth quarter worth about $103,713,000. Finally, Invesco Ltd. grew its position in Amcor by 29.9% during the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after buying an additional 10,846,351 shares in the last quarter. 45.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AMCR shares. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. cut their price objective on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the company an “equal weight” rating in a research note on Wednesday, July 15th. Finally, Citigroup dropped their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. One equities 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Amcor Stock Up 1.6%

AMCR opened at $45.27 on Tuesday. The stock has a market cap of $20.93 billion, a PE ratio of 31.66, a P/E/G ratio of 1.40 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The business’s fifty day simple moving average is $41.27 and its 200 day simple moving average is $42.25.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share 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 for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, research analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

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.